Fuel prices remain stable as oil tankers catch fire in Hormuz
Petrol and diesel rates stayed mostly constant on Sunday while Iranian naval forces reported explosions involving three oil tankers.
Petrol and diesel prices saw little movement across most Indian cities on Sunday, 15 November, according to Mint. While rates remained steady in most states, petrol in Patna saw a marginal increase from ₹113.35 on Saturday to ₹113.37.
The stability in fuel costs comes as Indian retailers have not passed on global crude oil price fluctuations to consumers. This follows the Central government's decision to scrap additional excise duty on petrol exports.
In a separate development, the Islamic Revolutionary Guard Corps (IRGC) Navy reported that at least three oil tankers exploded and caught fire after hitting naval mines near the Strait of Hormuz. The IRGC Navy stated that two tankers attempting to transit the area without approval and with identification systems turned off were involved in the explosions.
The incident occurred as Iranian forces issued warnings against entering restricted maritime zones. Two other tankers reportedly heeded warnings from the IRGC's Naval Traffic Control Center and returned to the Persian Gulf waters.
Earlier on Friday, Prime Minister Narendra Modi stated in Karnataka that decade-long initiatives have strengthened India's energy security. Speaking in Bengaluru and Mysuru, the Prime Minister inaugurated development projects valued at more than ₹15,600 crore.