Petrol and Diesel Price Update for July 12: Here's What You Need to Pay in Your City

New Delhi: Crude oil prices continue to fluctuate in the international market, but there was no change in the retail prices of petrol and diesel in India on Sunday, July 12. Fuel prices remain stable across the country despite rising tensions in West Asia and uncertainty over the Strait of Hormuz.

Why are the prices of petrol and diesel stable?

There has been huge fluctuation in the prices of Brent crude in recent days. However, after the news of resumption of talks between America and Iran on Friday, Brent crude fell by about 0.41 percent and closed at 75.99 dollars per barrel.

Despite this, government oil companies in India did not make any change in the prices of petrol and diesel. The retail prices of fuel in the country are decided by oil marketing companies, hence the effect of every fluctuation in the international market does not reach the consumers immediately.

Why increased concern regarding the Strait of Hormuz?

The Strait of Hormuz is once again in the news due to increasing tension between Iran and America. Iran claimed that a ship was not following the prescribed maritime route, after which it took action as a warning. Iran also announced to keep the strait closed until further orders.
In response, the US Army retaliated. This sea route is considered very important for about 20 percent of the world's oil and LNG trade. In such a situation, there is concern about oil prices and inflation in the global market.

What are the prices of petrol and diesel in your city today?

Why was there a debate regarding E20 petrol?

Aam Aadmi Party's national convenor Arvind Kejriwal visited petrol pumps and service centres in Delhi and talked to the drivers. He claims that due to the use of E20 petrol, the mileage of many people's vehicles has reduced and some have also faced engine-related problems.

What does the government say?

The Ministry of Petroleum and Natural Gas has admitted that E20-mixed petrol can reduce the mileage of some vehicles by 3 to 5 percent. However, the ministry says that this fuel has better combustion, higher octane rating and fewer carbon emissions and is a better option for the environment.

The government also clarified that at present it is not practical from operational and logistics point of view to make different grades of pure petrol, E10 and E20 available simultaneously at petrol pumps.