Petrol and diesel prices today, 27 July: Retail fuel prices in India changed marginally across cities on Monday, 27 July but continue to align with the last major price adjustment that came about on 25 May. Hence, domestic fuel rates stood steady on Sunday despite easing of Brent price after US halted its strikes on Iran. Crude price witnessed significant fluctuation over the last two weeks due to the escalation in fighting in West Asia.
The global benchmark Brent crude oil prices declined 5% on Monday after the US and Iran paused strikes over the weekend, marking a halt after in fighting after two weeks of attacks. As markets weighed in on signs of a diplomatic solution to de-escalate the conflict, Brent crude futures plunged $4.89, or 5.05%, to trade around $91.89 at 0009 GMT, Reuters reported.
Meanwhile, US West Texas Intermediate (WTI) crude fell $4.67, or 5.23% and stood at $84.64 a barrel. After rising for the past three weeks, both contracts are trading at their lowest levels in nearly a week.
Consumers in India remain insulated from global fuel price volatility and price shocks as state-run oil marketing companies (OMCs) set retail fuel rates.
| City | Petrol Price | Diesel Price |
|---|---|---|
| New Delhi | ₹102.12 | ₹95.20 |
| Kolkata | ₹113.47 | ₹99.82 |
| Mumbai | ₹112.40 | ₹99.03 |
| Chennai | ₹107.87 | ₹99.65 |
| Gurugram | ₹102.75 | ₹95.42 |
| Noida | ₹101.92 | ₹95.40 |
| Bengaluru | ₹111.37 | ₹99.26 |
| Bhubaneswar | ₹108.97 | ₹100.68 |
| Chandigarh | ₹101.54 | ₹89.47 |
| Hyderabad | ₹115.69 | ₹103.82 |
| Jaipur | ₹112.66 | ₹97.78 |
| Lucknow | ₹101.77 | ₹95.29 |
| Patna | ₹113.37 | ₹99.36 |
| Thiruvananthapuram | ₹115.49 | ₹104.40 |
*Source: Good Returns
The US ambassador to the United Nations, Mike Waltz, on Sunday said that the US President Donald Trump had decided to pause US attacks to allow more time for diplomacy, Fox News Sunday reported. Amid China-led push to resume stalled diplomatic efforts in Pakistan to end the war, An Iranian official informed Reuters that Tehran will halt its own attacks as long as the Washington does the same.
The tit-for-tat strikes over the past half month thinned traffic movement through the Strait of Hormuz. According to shipping data from Kpler, fewer than 10 commodity vessels crossed the Persian Gulf daily during the weekend despite the pause in attacks. As both sides vie to control Hormuz, the strategic waterway through which 20% of oil and gas export takes place, the renewal of disruptions in energy supply after signing of peace deal on 17 June caused Brent to cross $100 per barrel mark when the conflict intensified.
Last week, Iran-backed Houthis in Yemen effectively opened a second front in the war as oil shipments spilled over to the Red Sea via the Bab el-Mandeb strait to Asia. Further disrupting energy flows, Houthis targeted exports from the world's top exporter, Saudi Arabia.
"Market sentiment was supported by reports that Pakistan and Iran were exploring new peace talks with the U.S. and that oil exports from the Middle East continued to flow", Reuters reported citing Westpac analysts' research report. It added, “Over the weekend, the US paused strikes against Iran as tensions in the region continued to escalate.”
Fareha Naaz is a Delhi-based journalist and Content Producer at LiveMint, where she has built nearly three years of experience in digital journalism. She covers a diverse range of topics, including national news, education, entertainment, lifestyle trends science, global health and international news.<br><br> With a background in Economics and Education, she focuses on providing insightful, thoroughly researched coverage that bridges the gap between breaking news and in-depth analysis. In addition to breaking copies, legal and political news, her reporting blends editorial rigour with search-driven storytelling. With a keen eye-on-global events, she provides insightful coverage on latest developments. Her reporting combines editorial rigour with in-depth coverage and search-driven storytelling provide valuable insight and context to readers, ensuring accuracy and relevance.<br><br> Her newsroom experience helped her in combining her critical thinking skills with real-time editorial decision-making. Over the years, she has been presenting complex stories with clarity for a digital-first audience amid fast-paced news cycles. Her thoroughly researched stories, with well-structured and engaging content, provide readers with clear understanding of the context and background.<br><br> Fareha holds a Master’s degree in Economics, in addition to a Bachelor of Education degree.<br><br> When not in the newsroom, she enjoys painting and sports, reading books and current developments.
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