Petrol-Diesel Rates Today (July 9): Crude oil prices jumped by approximately 6% on Wednesday due to renewed tensions between the US and Iran. Brent crude futures rose by $4.58 (6.09%) to reach $78.66 per barrel, while US West Texas Intermediate (WTI) crude climbed $4.22 (6%) to $74.65 per barrel. Both benchmarks are trading at their highest levels since June 23. Consequently, hopes for a reduction in petrol and diesel prices in India—which had emerged following a recent dip in crude oil costs—have diminished.

Petrol and diesel prices in India have remained stable since May 25. The last time state-owned oil marketing companies (OMCs) revised rates, they hiked petrol prices by ₹2.61 per litre and diesel prices by ₹2.71 per litre. In Delhi, the price of petrol remains above the ₹100 mark at ₹102.12 per litre, while diesel is retailing at ₹95.20 per litre.

City-wise petrol and diesel prices

Why did oil prices rise?

Speaking to reporters during the NATO summit in Ankara, Turkey, US President Donald Trump indicated that the ceasefire with Iran was over. "In my opinion, this ceasefire is now over," he stated. Regarding the peace agreement signed between the US and Iran in June, he remarked that talking to Iran was a complete waste of time. Following this statement by Trump, fears of escalating tensions between the two nations and a potential disruption of oil supplies via the Strait of Hormuz have resurfaced. This is precisely why oil prices surged suddenly yesterday.

What will be the impact on India?

India imports approximately 85% of its crude oil requirements. Consequently, a spike in prices in international markets directly affects Indian oil companies, as imports become more expensive for them. If crude oil prices in the global market continue to rise at this pace and remain above $80 for an extended period, domestic fuel prices in India could also increase in the near future.