Petrol And Diesel Prices Today 11 Sep: Fuel Rates In Delhi, Mumbai, Bengaluru As Crude Oil Extends Rally

(MENAFN- Live Mint) Petrol and diesel prices today, 11 September: Fuel rates across Indian cities witnessed slight changes on Friday, 11 September, but continue to align with 25 May price adjustment. The global benchmark Brent crude extended its rally amid escalation in fighting in West Asia as Iran-backed Houthi militants intensified strikes on Saudi energy infrastructure.

State-run Oil Marketing Companies (OMCs) that follow dynamic fuel price method continue to insulate domestic customers from volatility in international energy prices. Even though fuel rates in India are revised daily at 6:00 AM but they remain steady and mirror the last major price adjustment when petrol and diesel were increased by ₹2.7 to ₹2.8 per litre, respectively. Hence, commodity prices have been stable for over three months despite significant fluctuation in global energy prices. Check latest petrol and diesel prices in your city on 11 September.

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According to Bloomberg, Brent crude surged 0.4% on Friday after rising 6% to almost $110 a barrel in US trading and is on track for the biggest weekly gain since July. Meanwhile, West Texas Intermediate crude edged 0.9% higher to trade around $103.40 a barrel.

RBC Capital Markets LLC analyst Helima Croft reacted to Houthis advancement to one of the world's most vital straits and said that it“would allow the group to project its disruptive capabilities further south towards the narrowest points of the waterway.” She added,“A resumption of a full-blown Saudi-Houthi war would be a potential catalyst for our high oil price scenario coming to fruition,” Bloomberg reported.

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US President Donald Trump on Thursday (local time) said that he doesn't regret the ongoing Iran war despite the impact the conflict may have on the November US midterm elections. This statement comes at a time Washington renewed attacks against Tehran, with the Islamic Republic retaliating by launching strikes across the US bases in West Asia.

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Injecting fresh risk into the market and stoking fears of deeper supply disruptions, Houthis advanced toward coastal areas bordering the Bab al-Mandeb Strait, gaining ground in their attempt to seize Mokha near the southern end of the Red Sea. Dangers to shipping through the Strait of Hormuz chokepoint persist as two ships were struck by unidentified projectiles west of Khasab, Oman, on Thursday as reported by the UK Maritime Trade Operations.

Operations at some Saudi energy facilities has come to a halt since resumption of Houthi attacks over the past two weeks. An increase in crude purchases by China also influenced oil prices. Brent crude jumped almost 80% this year but remains below its wartime peak of $126 a barrel reached in April.

Commodities economist at Capital Economics Ltd commodities economist Hamad Hussain said,“Market participants appear to be revising their expectations for the severity and duration of the war in Iran." He further noted that renewed disruption in West Asia flows could potentially push prices back toward recent peaks amid depleting global inventories and recovery of Chinese demand.

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