Prices of petrol and diesel in all major cities of India remains same (Img: Pinterest)
New Delhi: Prices of petrol and diesel in all major cities of India were not revised on Friday despite the rising prices of crude oil in international markets due to new tensions in the West Asia region.
This rise in the prices of Brent crude was witnessed after the uncertainty about the situation at Strait of Hormuz, along with new developments regarding Iran's military. Nevertheless, prices of domestic fuels were unchanged.
The prices of oil globally were on the rise due to the fears of the opening up of the Strait of Hormuz.
Prices of Brent crude, which serves as the benchmark for the global oil market, was being quoted at about $83.45 a barrel.
Oil prices continued to be influenced by the uncertainties of the movement of ships through the crucial route.
Even as international crude oil prices have been experiencing volatility, the rates of petrol and diesel in India have stayed the same since their last significant change.
The oil companies operating in the country keep varying the rates of their products according to different parameters.
The latest rise in crude prices is linked to escalating tensions between the US and Iran.
Reports suggest Iran has carried out fresh attacks near the Persian Gulf, increasing concerns over shipping security around the Strait of Hormuz — one of the world’s most important oil transit routes.
US President Donald Trump has indicated that negotiations with Iran are progressing and said the conflict could end soon, but uncertainty remains over a long-term agreement.
Meanwhile, the Centre has rejected reports suggesting India may allow large-scale ethanol imports from the United States for fuel blending.
The Commerce Ministry clarified that India’s ethanol blending programme will continue to operate according to domestic policies and procurement guidelines.
