On a global platform, crude oil prices ended higher on July 31, capping their strongest monthly gain since March, as investors continued to weigh escalating geopolitical tensions against tighter global supply. Brent crude futures settled at $90.12 per barrel, up more than 1%, while U.S. West Texas Intermediate (WTI) crude rose to $84.67 per barrel, also gaining over 1% during the session. The benchmarks advanced about 24% and 21%, respectively, in July, reflecting heightened concerns over disruptions to global crude supplies.
The latest rally was driven by renewed worries over oil flows through the Strait of Hormuz after Iran and its Houthi allies continued to disrupt shipping in the region, forcing some tankers to reroute or halt transit. The geopolitical concerns were compounded by tightening U.S. crude inventories, lower American oil production and fresh attacks on energy infrastructure in the Middle East and Russia, reinforcing fears of supply shortages despite expectations of higher output from some producers.
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Even though crude prices inched up again, petrol and diesel prices across India remained the same on Aug.1. State-run oil marketing companies did not change pump prices despite the sharp rise in global crude oil prices during July, continuing to absorb higher input costs rather than passing them on immediately to consumers
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Petrol prices on August 1
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Kolkata: Rs 113.51/litre
- Petrol price in Mumbai: Rs 111.21/litre
- Petrol price in Chennai: Rs 108.01/litre
- Petrol price in Hyderabad: Rs 115.73/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel prices on August 1
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.82/litre
- Diesel price in Mumbai: Rs 97.83litre
- Diesel price in Chennai: Rs 99.66/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
What Drives Petrol and Diesel Prices?
Though global crude prices influence domestic fuel prices in India, the domestic prices also depend on several other factors such as fluctuations in the rupee-dollar exchange rate, refinery processing costs, freight expenses, dealer commissions, and central and state taxes. Thus, changes in international crude prices do not always affect the domestic fuel prices in the country.
Also Read: Petrol, Diesel Prices On July 31: Check New Fuel Rates In Mumbai, Delhi, Chennai, Kolkata, And More
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