Petrol And Diesel Prices Today, 4 Sep: Fuel Rates In Delhi, Mumbai, Bengaluru As Brent Heads For Biggest Weekly Gain

(MENAFN- Live Mint) Petrol and diesel prices today, 4 September: Fuel rates in India remained largely unchanged on Friday, 4 September, even as oil headed for its biggest weekly gain since July. State-run Oil Marketing Companies (OMCs) that revise petrol and diesel prices daily at 6:00 AM kept fuel prices steady 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. 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 4 September.

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As investors closely watch renewed US-Iran hostilities, Brent crude futures remained elevated above $95.52 a barrel and was up more than 7% for the week, while West Texas Intermediate traded near $92 a barrel, Bloomberg reported.

US-Iran war news update

Following weeks of relative calm, fresh US strikes on Iran this week injected uncertainty in the market, heightening concerns about prolonged disruptions to energy flows amid geopolitical tensions in West Asia. As US President Donald Trump navigates conflict ahead of midterms, US bombing campaign was met with Iranian retaliation against American bases in the region. Tehran fired missiles at Jordan, Kuwait and Bahrain and continues to target vessels transiting the Strait of Hormuz, the trade route through which a fifth of the world's oil and liquefied natural gas was shipped to global markets prior to the US-Iran war.

Also Read | Oil Heads for Biggest Weekly Gain Since July on Iran War Risks

Israel injected fresh risk into the market, raising the prospect of another cycle of military escalation, after it indicated that it was prepared to resume fighting if necessary. 'Everything that could happen is on the table. Economic pressure, military pressure, diplomatic pressure, covert pressure. Of course these are tools in the President's toolkit," the Vice President said.

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South Korea is reportedly preparing to deploy military assets to support freedom of navigation in the Persian Gulf and had been in talks with the United States, Britain and France over the scale and nature of a potential contribution. According to Reuters report, it aims to dispatch maritime patrol aircraft, a logistics support vessel or a mine detection and clearance unit, before the end of the year.

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