Retail petrol and diesel prices across major Indian cities stayed unchanged on August 8, despite volatile global oil markets and ongoing diplomatic efforts to reopen shipping routes through the Strait of Hormuz, which could impact global supply and prices.
Retail petrol and diesel prices across major Indian cities were unchanged on August 8, even as global oil markets remained unsettled by negotiations over the Strait of Hormuz. In New Delhi, petrol was priced at ₹102.12 a litre and diesel at ₹95.20, while Mumbai, Bengaluru and Kolkata also saw no movement in pump rates. State-run oil marketing companies have kept prices aligned with the last major revision on May 25, leaving consumers largely shielded from the latest swings in crude. According to LiveMint, the pause in domestic pricing came as Brent crude held above $83 a barrel after a third consecutive weekly decline.
The stability in Indian fuel prices comes against the backdrop of an intensifying diplomatic push involving the US, Iran and Oman to reopen shipping through the narrow waterway, which handles a significant share of global oil trade. Reuters reported that progress in the talks has raised expectations of an agreement that would allow commercial traffic to resume without hindrance, while AP said the proposed arrangement could split control of maritime lanes between Iranian and Omani oversight. Axios reported that an interim deal could be announced soon, with a 60-day framework under discussion.
President Donald Trump has publicly signalled optimism that an accord could ease pressure on oil markets and help stabilise the route. But traders remain cautious. Reuters quoted Rob Haworth, senior investment strategy director at US Bank Wealth Management, as saying the path to a durable deal remains uncertain and traffic through the strait is still limited. That caution reflects a broader market view that, despite the latest talks, supply risks in the Middle East have not fully receded.
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