Today Petrol Diesel Price: Are the prices of petrol and diesel going to increase? Today’s latest rates amid Hormuz tension

Today Petrol Diesel Price: There was no change in the prices of petrol and diesel across India on July 12, which has provided some relief to consumers. At the same time, global crude oil markets are keeping an eye on the news of Iran closing the Strait of Hormuz. This strategic waterway handles about one-fifth of the world’s oil shipments, so any disruption to it could lead to higher crude oil prices and volatility in energy markets.

Did the prices change today?

Although Brent crude prices have remained high due to geopolitical uncertainty, India’s state-run oil marketing companies (OMCs) have kept retail fuel prices unchanged today. Industry experts say that domestic fuel prices are determined not just by daily fluctuations but by the combined effect of international crude oil rates, exchange rates, taxes and marketing margins.

Also read: Iran US Conflict: Clouds of war again in the Gulf! Iran closed Hormuz Strait, America also retaliated strongly

Fuel prices have remained largely stable since the last price change in May. At that time, prices of petrol and diesel were increased due to increase in international crude oil prices due to tensions in West Asia. Since then, there has been no new change in prices for consumers despite continued volatility in the global oil market.

Today’s prices of petrol and diesel

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