Fuel Price Today, July 25: Petrol and Diesel Rates Remain Unchanged Across India
Increasing tension in West Asia is affecting the oil market. There is concern about oil supply due to increasing military conflict between America and Iran.
New Delhi: There has been some relief in the prices of crude oil in the international market. A few days ago, Brent crude had reached 100 dollars per barrel, but now it has fallen. Despite this, there was no significant change in the retail prices of petrol and diesel in India on Saturday, July 25. Government oil companies have kept the prices the same in most cities. The prices of petrol and diesel in India are not directly linked to daily international fluctuations. OMC companies decide the prices from time to time considering the global market, taxes and other expenses. For this reason, fuel prices in the country remain stable despite fluctuations in crude oil.
Why is there pressure on crude oil prices?
Increasing tension in West Asia is affecting the oil market. There is concern about oil supply due to increasing military conflict between America and Iran. If this conflict continues for a long time, the uncertainty in the market may increase further. Amidst this tension, Iran-backed Houthi rebels have targeted oil tankers in the Red Sea, which has affected maritime trade. At the same time, concerns about security in the Strait of Hormuz, the world's most important oil route, have also increased.
What is going on between America and Iran?
According to reports, America has launched missile attacks on some Iranian targets. After this, US President Donald Trump warned Iran of strict action. At the same time, Iran has clearly said that it will not come under any pressure. Iran's Foreign Minister Abbas Araghchi said that he is in touch with China and Russia and will not compromise with the interests of the country. On the other hand, Oman has started efforts to reduce tension between the two countries and normalise the movement of ships through Hormuz.
Is there a fall in Brent crude?
This week Brent Crude had reached near $100 per barrel. But on Friday it fell by about 4% and closed at 97 dollars per barrel. Experts say that if tensions in West Asia increase further or oil supply from Hormuz stops, then there could be a major impact on the global oil market in the coming days.
