Petrol and diesel prices stayed flat in major Indian cities on August 16 even as Brent crude rose to $88.52 a barrel, up nearly 6% for the week amid stalled Iran-Oman talks over managing the Strait of Hormuz. Trump threatened Iran with economic consequences over the blockade of its ports, while Iran's foreign minister said any Oman deal wouldn't mean reopening the strait and denied formal negotiations with Washington are underway.
India's finance ministry cut export duty on diesel and adjusted levies on petrol and aviation fuel in its routine fortnightly review. Separately, an economist warned that halving India's Russian crude purchases, under pressure from a proposed US sanctions bill threatening 100% tariffs on buyers of Russian energy, could add $5-10 billion to India's annual oil import bill.
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