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Petrol-Diesel Rates Today (August 8): Crude oil prices have dropped significantly this week, reaching the $82 per barrel mark. This decline is attributed to a new proposal involving Iran and Oman regarding the Strait of Hormuz.

Petrol-Diesel Rates Today (August 8): New petrol and diesel rates have been updated across the country following a sharp global decline in crude oil prices. Crude oil has slipped to the $82 per barrel level. However, despite this, there has been no change in retail petrol and diesel prices; state-run Oil Marketing Companies (OMCs) have kept rates unchanged even as global crude prices fell. Fuel prices are typically updated daily at 6 AM, but no revisions were made today.

What is the price of crude oil today?

Brent crude, the global benchmark, closed at $82.38 per barrel after falling 1.40% at the weekend close. In futures contracts, it is trading within the $81.50–$84.44 range. Meanwhile, the US benchmark, West Texas Intermediate (WTI), closed at $77.08 per barrel, recording a marginal decline of 0.27%.

Negotiations are underway regarding a potential draft agreement between Iran and Oman to partially open the Strait of Hormuz and restore the safe passage of ships and tankers for a period of 2 to 4 months. This diplomatic dialogue has somewhat reduced war-related risks in the market, leading to a weekly decline in crude oil prices.

City-wise petrol and diesel prices

Where is petrol and diesel the cheapest and the most expensive?

Fuel is cheapest in Port Blair. Here, the price of petrol is ₹88.66 per litre and diesel is ₹78.05 per litre, which is the lowest in India. In contrast, prices are highest in Andhra Pradesh, where petrol costs ₹117.88 per litre and diesel costs ₹103.95 per litre.