Indian fuel prices may stay high for a while longer. Crude oil rates show no signs of cooling down. Brent crude has climbed past $91 per barrel after US President Donald Trump said no talks are happening with Tehran.
Crude Oil Prices Rise Again
At 6 am on Wednesday, WTI was trading up 45 cents at $85.30 per barrel. Brent crude rose 38 cents to $91.40 per barrel. A $10 jump in one barrel of crude costs oil companies about Rs 6 per litre.
No Change in Petrol and Diesel Rates
There is relief for Indian consumers today. Petrol and diesel rates saw no change on Wednesday, August 19. Indian Oil pumps in Delhi still sell petrol at Rs 102.12 per litre. Diesel is available at Rs 95.20 per litre in the capital. LPG and CNG rates are also stable today.
Global Diesel Markets Stay Tight
Diesel markets around the world remain under pressure. Supply from the Middle East has been disrupted. Moscow has also halted its exports. In the US, profit from making diesel out of crude has crossed $100 per barrel. That is the highest level ever recorded.
Why Fuel Prices Are Rising
The Middle East conflict began in late February. Crude prices surged sharply after that, pushing up inflation pressure. The Russia-Ukraine war tightened energy markets after attacks on refineries. Diesel has risen far more than crude oil. Drivers, truckers and industries are feeling the heavy strain.
US Plans More Pressure on Iran
Trump said America will raise economic pressure on Iran to force Tehran to yield. The blockade of Iranian ports will continue. Treasury Secretary Scott Bessent indicated a package of tough new sanctions this week. Earlier, the UAE said it will suspend all trade and financial transactions with Tehran. The UAE has often faced attacks, especially on ships.
US Oil Stockpiles Show Decline
Fresh signs show American oil reserves are shrinking. The American Petroleum Institute reported a small drop in crude stockpiles. Stocks also fell at Oklahoma’s Cushing hub. Diesel and other fuel reserves declined as well. Official figures will be released later on Wednesday.
