Petrol and diesel prices across India remained unchanged on Tuesday despite global oil market volatility. Petrol in Chittur reached ₹118.34 per litre, the highest in the country, while diesel sold for ₹106.06. Brent crude hovered near $100 per barrel as oil tanker movements through the Strait of Hormuz increased significantly.
Price Details
In Delhi, petrol retailed at ₹102.12 and diesel at ₹95.20 per litre.
Compared to the capital, Chittur petrol cost ₹16.22 more and diesel ₹10.86 higher.
In contrast, Port Blair petrol was ₹13.46 cheaper than Delhi and diesel ₹10.64 cheaper.
India’s cheapest petrol was ₹88.66 per litre and diesel ₹84.56 per litre.
Hormuz Supply Surge
According to Bloomberg, the Strait of Hormuz witnessed a surge in oil and LNG shipments.
US Central Command chief Admiral Brad Cooper reported that crude and LNG traffic through this vital route reached a six-month high.
Over September 17-19, with US assistance, about 32 vessels passed through Hormuz daily.
On Monday, Brent crude declined 3.4% and US WTI crude fell 4.5%.
This route is vital for global energy supply; any blockage can immediately affect the oil market.
Geopolitical Factors
Satellite images showed increased Saudi oil loading in the Persian Gulf, signalling recovery after drone attacks shut its East-West pipeline.
Potential US-Iran talks also influenced markets, with Trump hinting at a possible meeting during the UN General Assembly.
US President Donald Trump told Fox News he could possibly meet Iranian President Masoud Pezeshkian during the UN General Assembly in New York.
If US-Iran talks progress and war tension reduces, market concerns about oil supply may decrease.
However, risks persist from Saudi aerial attack warnings, Houthi threats, and Ukrainian strikes on Russian refineries.
Libya’s Sharara oil field saw production drop after an armed group closed its pipeline.
If the pipeline remains closed long-term, oil production, transport and export from Sharara could stop, adding pressure to global supply.
