Petrol and diesel prices today, 23 August: Fuel rates held steady across major Indian cities on Sunday with grim prospects of reopening of the Strait of Hormuz in the near term. As global energy supply disruption continues due to West Asia conflict, state-owned fuel retailers continue to insulate consumers oil price volatility and fluctuation.

Fuel rates across major Indian cities recorded marginal changes as they are revised at 6:00 AM daily because India follows dynamic fuel price method. Oil Marketing Companies (OMCs) last brought about major price revision on 25 May, since then fuel prices have been steady.

The global benchmark Brent crude ended the week with 6.39% gain while US crude rose 5.66%. Brent crude settled at $94.39 a barrel, up 61 cents or 0.65% while West Texas Intermediate notched a six-session run of gains and closed $87.06 a barrel, up 23 cents or 0.26% on Friday.

Amid US-Iran standoff on the critical energy chokepoint, Iranian President Masoud Pezeshkian issued a statement on Saturday (local time), seeking a solution through dialogue and logic, Al Jazeera reported, citing Iran's IRNA news agency. He said that the Islamic republic has not compromised on any clause of a Memorandum of Understanding (MoU) signed. His remark comes days after US President Donald Trump announced crushing economic campaign against Iran.

Meanwhile, Iran's Secretary of the Supreme National Security Council (SNSC), Mohsen Rezaei cautioned neighbouring countries against joining the US. He emphasized that the Hormuz remains closed and will not reopen until the Washington fulfils its commitments and changes its behaviour.

On the same day, US Energy Secretary Chris Wright underscored Washington's efforts to keep energy supplies moving through the Persian Gulf despite the deadlock with Iran. In a post on X, Wright credited the US Navy for increasing the seven-day average of oil transiting the Strait to over 8 million barrels a day. “combined with pipelines, the total leaving the region is closer to 20 million barrels. 7-day average of oil leaving the Strait is over 8 million barrels a day. Make no mistake, thanks to the U.S. Navy, oil is flowing through the Strait of Hormuz,” the post said.

India and Mauritius recently signed a five-year agreement, deepening their energy partnership. Under this pact, Indian Oil Corporation will supply the island nation's entire import requirement of petrol, diesel and aviation turbine fuel. This agreement comes at a time countries across the globe are facing fuel supply disruptions, particularly due to tensions in the West Asia region.

The agreement was signed during Petroleum Minister Hardeep Singh Puri's two-day official visit to Mauritius on 20-21 August, reported. Alongside the pact, the two nations agreed on a government-to-government memorandum of understanding (MoU) to expand cooperation in oil and gas, including petroleum product supplies, training and capacity building and biofuels.

Fareha Naaz is a Delhi-based journalist and Content Producer at LiveMint, where she has built nearly three years of experience in digital journalism. She covers a diverse range of topics, including national news, education, entertainment, lifestyle trends science, global health and international news.

With a background in Economics and Education, she focuses on providing insightful, thoroughly researched coverage that bridges the gap between breaking news and in-depth analysis. In addition to breaking copies, legal and political news, her reporting blends editorial rigour with search-driven storytelling. With a keen eye-on-global events, she provides insightful coverage on latest developments. Her reporting combines editorial rigour with in-depth coverage and search-driven storytelling provide valuable insight and context to readers, ensuring accuracy and relevance.

Her newsroom experience helped her in combining her critical thinking skills with real-time editorial decision-making. Over the years, she has been presenting complex stories with clarity for a digital-first audience amid fast-paced news cycles. Her thoroughly researched stories, with well-structured and engaging content, provide readers with clear understanding of the context and background.

Fareha holds a Master’s degree in Economics, in addition to a Bachelor of Education degree.

When not in the newsroom, she enjoys painting and sports, reading books and current developments.

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