Fuel Prices Remain Steady Amid Iran-US Standoff
· Business · LiveMint, Crude Oil Prices Today | OilPrice, Economic Times
Petrol and diesel prices in major Indian cities including Delhi, Mumbai, and Bengaluru remain unchanged as state-owned retailers continue to absorb global oil price volatility. The stability follows Iranian President Masoud Pezeshkian's call for dialogue to resolve the ongoing standoff with the US regarding the Strait of Hormuz. Global benchmark Brent crude rose 0.65% to $94.39 a barrel, while US crude increased 0.26% to $87.06 on Friday. Despite these global fluctuations, Indian fuel rates have not seen a major revision since May 25. US Energy Secretary Chris Wright stated that the US Navy is working to maintain energy supplies through the Persian Gulf.
Why it matters
The stability of fuel prices in India is currently being maintained by state-owned retailers despite rising global crude oil benchmarks caused by the West Asia conflict.
Read the original report — LiveMint
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