Petrol And Diesel Prices Today, 5 Sep: Check Fuel Rates In Delhi, Mumbai, Bengaluru As Brent Records 7.6% Weekly Gain

(MENAFN- Live Mint) Petrol and diesel prices today, 5 September: Fuel rates in India held steady on Saturday, 5 September, even as oil recorded one of its biggest weekly gains 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. The last major fuel price revision came about three months ago 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 5 September.

Also Read | Oil prices edge lower on US-Iran war uncertainty; Brent at $95/bbl Crude oil price today

In the seventh month of US-Iran war, renewed escalation this week marked fiercest clash since July and sparked a jump in oil prices. Due to disruption in global energy supplies in West Asia, Brent crude gained 7.6% while US crude rose nearly 10% this week. Following the fresh spate of fighting, oil prices rose and ended higher for the week as the global benchmark Brent crude futures rose 0.8% by 76 cents and settled at $92.68 a barrel. Meanwhile, West Texas Intermediate crude futures were also up 0.20% by 18 cents and closed at $91.48 a barrel, Reuters reported.

Also Read | Iran war news LIVE: Trump threatens Pickaxe Mountain strike 'very soon'

Julius Baer head of economics and next generation research Norbert Rucker said, "Oil seems to be in a phase where the conflict's gridlock and recurring hostilities are regularly awakening a risk premium embedded in prices,” Reuters reported.

Rucker said, "So far, there is no indication that this week's escalation materially impacted exports out of the Middle East and tightened the oil market," adding, "Oil's current rally seems mostly mood and fear driven."

Preliminary shipping data indicated that four commodity vessels transited the Strait of Hormuz on Thursday, much below the 10-day average tally of about 15. Meanwhile, ANZ analysts raised their short-term Brent crude forecast to $95 a barrel, with upside risk if the conflict intensifies.

Also Read | US targets Turkish bank in fresh Iran sanctions US-Iran war latest news

US President Donald Trump downplayed the conflict on Friday as he called the war in Iran“small potatoes." His remark follows Vice President JD Vance's statement.“You know, we do intermittent strikes. So I heard what he said, and it was interesting because I think that there's a lot of truth that we're not fighting right now," Bloomberg quoted Trump as saying.

Washington's recent bombing campaign and Iran's retaliatory strikes on American bases have complicated diplomatic efforts on peace talks and restoration of shipping through the world's most important energy chokepoint Strait of Hormuz, through which nearly a fifth of global supplies are shipped.

Increasing concerns about prolonged disruptions to energy flows, Trump on Friday said US military could "hit" Iran's Pickaxe Mountain“very soon”, which is a heavily fortified underground nuclear site, ANI reported. Located near Iran's heavily damaged Natanz uranium-enrichment facility, Pickaxe Mountain is a heavily fortified underground complex containing two deeply buried tunnel systems. Iran relocated thousands of centrifuges to the deeply buried facility, The Wall Street Journal earlier reported citing Israeli intelligence.

Defending the months-long US military campaign against the Islamic Republic, Trump at the Oval Office said his primary objective was to prevent Tehran from acquiring a nuclear weapon.

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