Petrol And Diesel Prices Today: Fuel Rates In Delhi, Mumbai, Bengaluru As Crude Rose After Saudi Shut Key Oil Pipeline

(MENAFN- Live Mint) Petrol and diesel prices today - Sept 14: Fuel rates across Indian cities witnessed slight changes on Monday, 14 September, but continue to align with 25 May price adjustment despite significant fluctuation in global energy prices. The global benchmark Brent crude extended its rally after Saudi Arabia shut a key oil pipeline.

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 have been steady over three months and mirror the last major price adjustment when petrol and diesel were increased by ₹2.7 to ₹2.8 per litre, respectively.

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Fuel rates differ across Indian states primarily because individual state level taxes and local levies. Check latest petrol and diesel prices in your city on 14 September.

Crude oil price today

Over the past few days Iran-backed Houthis militants intensified strikes on Saudi energy infrastructure along Yemen's Red Sea due to which the Kingdom closed operations at a major crude pipeline, deepening global energy crunch. The escalation in hostilities at another vital maritime chokepoint - the Bab el-Mandeb strait - injected fresh risk into the market. This shipping route was being used to bypass the Strait of Hormuz disruption during the US-Iran war.

On Monday, Brent jumped 3.6% to trade above $108 a barrel, while West Texas Intermediate also rose to trade near $103, Bloomberg reported.

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Over closure of Saudi's crude pipeline, Sparta Commodities SA senior oil market analyst June Goh said,“It all boils down to the duration,” adding, if flows resume quickly, the impact should be limited as inventories at Yanbu, the pipeline's western end, could be tapped, but a prolonged shutdown could force output cuts.

According to Oman's foreign minister, Badr Albusaidi, a planned meeting between Iran and several Gulf nations for later Monday on creating a temporary shipping lane through the Persian Gulf has been postponed. Earlier, Bahrain distanced itself from the meeting citing in part the East-West pipeline strike while Riyadh had also expressed reservations about the plan, Axios reported.

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Recent development indicate rapidly deteriorating relations between Iran and the West as a top Iranian official has been blocked from addressing the United Nations' nuclear watchdog International Atomic Energy Agency's general conference in Vienna scheduled for Monday.

Iran's vice president for nuclear affairs, Mohammad Eslami, who is also the head of the Atomic Energy Organization has been excluded from the annual gathering for the first time in years after pressure from the Trump administration.

US President Donald Trump on Sunday (local time) dismissed a report accusing Tehran of accessing Chinese satellite images for an attack on a base in Jordan in which three US troops were killed in July.

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