Petrol And Diesel Prices Today, 3 Sep: How Costly Is Fuel In Delhi, Mumbai, Bengaluru As Crude Price Eases

(MENAFN- Live Mint) Petrol and diesel prices today, 3 September: Fuel rates in India held steady on Thursday, 3 September, even though oil prices eased after US President Donald Trump played down the prospect of a prolonged conflict with Iran. State-run Oil Marketing Companies (OMCs) revise petrol and diesel prices daily at 6:00 AM as India follows dynamic fuel price method.

Domestic fuel retailers have kept commodity prices stable for the past three months despite volatility in global energy prices majorly due to US-Iran war and disruption along Strait of Hormuz trade route through which a fifth of global energy supplies passed prior to onset of West Asia war. The last major fuel price revision came about on 25 May when prices of petrol and diesel were increased by ₹2.7 to ₹2.8 per litre, respectively. Check latest petrol and diesel prices in your city on 3 September.

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Brent eased 0.6% to trade around $95.10 a barrel on Thursday after Trump said renewed attacks on Iran would likely be short-lived while West Texas Intermediate crude slipped 0.4% to trade around $90.66 a barrel.

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Over stretch of US bombing campaign, Trump said“I don't think too long,” Reiterating his claim that the US controls the crucial Strait of Hormuz, the president added,“We're prepared to do another one.” The renewed strikes followed weeks of relative calm after the two archrivals exchanged their biggest barrage since July. Following US strikes on Iran, the later Iran retaliated by firing drones and missiles at American bases across West Asia.

While investors remain focused on status of US-Ira war, the latest flare-up raises the prospect of deeper disruptions and crude prices remain elevated by almost 60% this year. However, neither the US nor Iran has shown a willingness to come to the negotiating table since the collapse of June accord.

Iran's health ministry spokesperson Hossein Kermanpour shared the number of people injured in the latest US strikes. In a post on X, he claimed that 142 people were injured in the recent US attack including 61 women and 44 people under the age of 18. According to Kermanpour, 18 people were killed in the strikes, including two women and a child.

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BOK Financial Securities Inc senior vice president for trading Dennis Kissler said,“The latest escalation should keep support under the market, however, keep in mind both the US and Iran are looking for off-ramps here,” adding,“More peace talks could deflate prices quickly," Bloomberg reported.

In an interview in Caracas, Chevron Corp Chief Executive Officer Mike Wirth said that the global oil market is returning closer to balance as supplies continue to exit the Persian Gulf, although risks remain. Despite disruption in energy flows through the Strait, some oil exports had been exiting the Persian Gulf on tankers with their transponders switched off as pointed out by US Energy Secretary Chris Wright. On Monday, he said this week 17 million barrels of oil exited the waterway, with flows averaging about 8 million barrels a day.

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