Petrol and diesel prices today, September 28: Despite crude oil prices rising, Indian consumers saw no change in retail fuel prices on Monday, September 28, as state-run oil marketing companies (OMCs) kept rates steady following their 6:00 AM daily revision.
Oil prices rebounded more than 1% on Monday after US President rejected a peace deal from Iran to resolve their conflict and reopen the .
Across major metros, fuel rates held their ground.
In Mumbai, the retail price of petrol stood at ₹111.21 per litre, remaining unchanged from the previous day. Over the past few days, the fuel rate in the financial capital has seen minimal movement, fluctuating marginally between ₹111.18 and ₹111.21.
Crude oil rose after Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, reigniting Middle East tensions.
Brent crude climbed 1.3% to about $105.70 a barrel as Iran stuck to a seven-day proposal for reopening the Strait of Hormuz, according to Bloomberg. US West Texas Intermediate crude was at $93.11 a barrel, up 70 cents, or 0.76%.
The rise in oil prices added to inflation concerns, pushing the 10-year Treasury yield up 4 basis points to 5.20%.
Iran stuck to its proposal to reopen the crucial Strait of Hormuz within seven days, saying it won’t soften its conditions.
“Our conditions are clear, and any move toward reopening the Strait of Hormuz is contingent on these conditions being met,” Iranian Foreign Minister Abbas Araqchi posted on social media. “Only a negotiated solution can get them out of this deadlock.”
Trump said on Saturday he rejected the plan, and argued that desperation was driving the Iranians’ push for an agreement on the key waterway. “They want to make a deal to open the Hormuz Strait immediately because they’re losing so badly,” Trump told reporters at the .
Keeping the door to diplomacy open, however, Trump told Axios in a phone interview on Sunday that he expected US negotiators to engage in more talks this week.
Araqchi said mediators facilitating Tehran’s talks with Washington had not officially relayed a US rejection of the plan. “We are waiting for the mediators to convey the definitive views to us, and we will make a decision based on them,” Araqchi posted.
