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US gas prices reach highest ever recorded for August amid stalled talks with Iran
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com Americans Have Never Paid This Much for Fuel So Late in The Year Bloomberg.com AAA says gas prices are at a historic high for mid-August, but relief may be ahead WKYT At above $4 a gallon, gas prices have never been this high so late in the year washingtonpost.com Georgia gas prices 88 cents more per gallon than last year The Center Square
Petrol and diesel prices today, 16 August: Fuel rates held steady across major Indian cities on Monday. Check rates in Delhi, Kolkata, Mumbai, Chennai, Bengaluru and other cities.Petrol, diesel prices today — 17 Aug: Retail fuel rates in India remained stable despite volatility in crude oil price.(AFP)Petrol and diesel prices today, 17 August: Brent crude, the global benchmark, stood steady at $88.50 a barrel on Monday after gaining 6% last week as investors keep a wary eye on oil prices. Crude oil notched sizeable gains last week but fuel rates remained unchanged across major Indian cities on 17 August. Since state run Oil Marketing Companies (OMCs) set retail prices of petrol and diesel, Indian consumers continue to be insulated from volatility in global energy prices and fluctuations.CityPetrol PriceDiesel PriceNew Delhi ₹102.12 ₹95.20Kolkata ₹113.51 ₹99.82Mumbai ₹111.21 ₹97.83Chennai ₹107.76 ₹99.55Gurugram ₹102.97 ₹95.64Noida ₹101.96 ₹95.44Bengaluru ₹111.68 ₹99.56Bhubaneswar ₹108.97 ₹100.68Chandigarh ₹101.54 ₹89.47Hyderabad ₹115.69 ₹103.82Jaipur ₹112.66 ₹97.78Lucknow ₹101.86 ₹95.36Patna ₹113.37 ₹99.36Thiruvananthapuram ₹115.49 ₹104.40Due to lack of progress in peace talks towards ending the US-Iran war, oil tanker traffic through the strategic Strait of Hormuz remained halted. On Sunday, Lebanon witnessed its deadliest day of fighting in months, as Israel struck Tehran-backed Hezbollah.AMP Chief economist Shane Oliver said, "While there is still no resolution to the Iran/Hormuz impasse, our base case remains that oil prices will stay in a $70-$100 range with Iran preventing it going lower and the U.S. moving to try and calm things down whenever it gets above $100," Reuters reported.He added, "The risk remains that there will be no sustainable peace deal, the flow of oil out of the Middle East remains down 10%-15% on normal levels and that we will have to face higher oil prices as reserves run down."US-Iran war updateUS war against Iran now in its sixth month while wider negotiations appeared to be at a standstill. At the same time, talks between Iran and Oman on management of Hormuz seem to be moving closer to a deal but it is unlikely that the US will agree to terms that don’t restore free passage along the trade route that used to handle a fifth of the world’s oil and liquefied natural gas each day.Iran's Army Commander-in-Chief Amir Hatami on Sunday said the waterway is a “God-given geopolitical asset for the Iranian nation and this leverage will never return to its former state,” Iran’s semi-official Fars news agency reported. He added “We will protect this capacity with all our power.”Trump welcomes Mecca agreementTrump on Sunday in a post on Truth Social welcomed Mecca agreement, comprising Saudi Arabia, Turkey, and Pakistan. “Very happy to see that Saudi Arabia, Turkey, and Pakistan have recently, and finally, signed the Mecca Joint Defence Agreement. It shows how the Middle East is coming together, and how Countries will finally be able to defend themselves in a more meaningful way. Congratulations to the Great Leadership of the three Nations mentioned,” the post said.Centre blames multiple factors for mileage drop amid E20 debateThe Central government on Saturday blamed multiple factors for mileage drop as it contended that E20 petrol alone cannot be held responsible for changes in vehicle mileage. Emphasizing that real-world fuel economy depends on several factors, including driving habits, traffic conditions, vehicle maintenance, tyre pressure and use of air conditioning, the Ministry of Petroleum and Natural Gas in a post on X said, “E20 has undergone extensive testing and validation, while real-world mileage depends on the overall driving and vehicle conditions.”About the AuthorFareha NaazFareha 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, e
People in Iran have reportedly cut back on meat, dairy, and coffee, among other food items, as pressure on household finances continues amid Tehran's prolonged war with the United States. Iran is struggling with a crippling economy, with hyperinflation mounting economic strain at home.Multiple reports suggested the war ruined tens of millions of households in Iran. "Prices are up somewhere between 60 and 88 percent over the year, food has passed triple-digit inflation for the poorest households, and jobs - particularly full-time jobs and industrial work - are fewer," one of the reports claimed.As the West Asia war seems to have no end in sight, here's what Iran's economy looks like as of now:Record inflationIran’s year-on-year inflation rate remains above 80 percent, keeping pressure on household finances despite a decline in monthly inflation following recent currency and war shocks, ISNA reported on Saturday, August 15.At the end of July 2026, Iran’s Statistical Centre had recorded its fifth consecutive month of record annual inflation.In a report released on July 29, 2026, the Statistical Center put the 12-month inflation rate for the year ending in July at 66 percent for Iranian households, up from 62 percent in June. The SCI described it as the highest annual rate in decades.Meanwhile, data cited by Trade Economics, sourced from the Statistical Center of Iran, showed that Iran's point-to-point/year-on-year inflation rate eased to 87.9 per cent in July 2026 from 88.6 per cent in June, marking the first slowdown in three months.However, the Central Bank of Iran recorded the twelve-month inflation at 61.4 percent, well below the SCI figure, according to NIAC insights. While the exact number is contested, the upward direction of inflation is the same in both reports.Burden on household and food inflationThe 87.9 percent point-to-point rate — the change in prices in July against the same month a year earlier — meant the average household paid roughly 88 percent more for the same basket of goods and services it bought a year ago.Meanwhile, food prices remain the principal driver of overall inflation, even as annual food inflation was recorded in triple digits for a sixth consecutive month.In July, food inflation reached 134 percent nationwide and 140 percent in rural areas. More than two-thirds of the food items monitored by the statistical agency now exceed what economists describe as crisis-level inflation, Iran International reported on August 5.Not just food, but prices rose sharply across other sectors, the report added. It claimed that Household appliances were estimated to cost 114 percent more than a year ago, while transportation costs climbed 103 percent.Economists had then warned that a possible gasoline price increase could push food inflation even higher by raising distribution and delivery costs.They told Iran International that the figures reflect not only declining purchasing power and weaker job security but also rising uncertainty that makes long-term financial planning increasingly difficult for households.Iran's currencyAccording to Paytm currency converter, $1 was equal to IRR 1,374,587.50382 on August 16, 2026. However, AlanChand.com showed the price of US Dollar in the market was 1,862,500 Iranian Rials."The price of US Dollar in Iranian Rials continued its downward trend...Compared to a week ago, the price has seen a 0.32 percent increase. Over the past six months, the price has experienced a 15.61 percent increase," the report added.Dairy consumption fellAnnual dairy consumption fell from around 130 kilograms per person in 2010 to just 40 kilograms today, Iran International reported quoted Ali Ehsan Zafari, head of Iran's Dairy Cooperatives Union, as saying on August 9.The report came as latest figures from the Statistical Center of Iran reportedly showed that dairy products in July cost around 147 percent more than a year earlier.Iran's red meat supply:Declining purchasing power also pushed households
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