Petrol And Diesel Prices Today - 27 Aug: Check Latest Fuel Rates In Delhi, Mumbai, Bengaluru As Brent Extends Losses

(MENAFN- Live Mint) Petrol and diesel prices today, 27 August: Petrol and diesel prices were revised by fuel retailers on Thursday across major Indian cities while Brent extend losses on expectations of reopening of Strait of Hormuz trade route. Amid global energy crisis due to West Asia conflict, state-owned fuel retailers continue to shield domestic consumers from global price volatility in fuel rates.

Oil Marketing Companies (OMCs) last brought about major price revision on 25 May. Since India follows dynamic fuel price method, fuel rates across major Indian cities recorded marginal changes as they are revised at 6:00 AM daily. Check latest petrol and diesel prices in your city on 27 August.

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Oil prices fell for the fourth consecutive day on Thursday. Brent crude futures plunged 0.7% by around 60 cents, to trade around $87.24 a barrel at 0004 GMT, down for a fourth day. West Texas Intermediate crude futures fell 56 cents, or 0.7%, at $81.67, down for a fifth day.

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Despite US campaign to impose greater economic pressure on Iran, investor sentiment seemed optimistic due to ongoing talks between Iran and Oman. Brent crude, the global benchmark, slipped ahead of Qatar prime minister's visit to the Islamic Republic as markets weigh diplomatic progress on Hormuz issue. Iran's Revolutionary Guards on Wednesday confirmed that the two countries had agreed how to share the waterway that connects major Gulf oil producers to markets and its revenues.

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MST Marquee senior energy analyst Saul Kavonic said,“The market has started pricing in the possibility of another ceasefire emerging, but is now in a holding pattern pending confirmation of if a deal can be reached” between Oman and Iran that is seen as a precursor to an agreement between Tehran and Washington, Bloomberg reported.

Escalation in Russia-Ukraine tensions may squeeze global energy supplies further. Moscow is struggling to divert crude into exports following recent strikes by Kyiv on refineries and ports, compounding disruptions from the Iran war and threatening fuel supply.

Amid threats from Iran-backed Houthis on Red Sea exports, Bloomberg report suggested that the world's largest crude exporter Saudi Arabia has been ramping up oil loadings inside the Persian Gulf, citing satellite images.

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