Brent crude prices were little changed on Tuesday, hovering near the $91-a-barrel mark, as geopolitical uncertainty kept investors cautious.
At last check, Brent crude futures were down 0.07% at $90.99 a barrel.
Oil prices had surged in the previous session after Iran and the US ruled out extending the memorandum of understanding signed in June to end their conflict. The agreement expired on Monday.
Meanwhile, a senior Iranian official told Reuters that Tehran would shift to an offensive stance rather than remain on the defensive if diplomatic efforts with the US fail.
US crude oil futures rose 2.6% in the previous session to settle at $84.50 a barrel, while Brent, the international benchmark, climbed 2.7% to close at $90.87.
For India, which imports more than 85% of its crude oil requirements, a sustained rise in global oil prices could increase the import bill and add to inflationary pressures. Higher crude prices could also raise the prospect of domestic fuel price revisions.
Petrol Prices On August 18
Petrol price in Delhi: Rs 102.12/litre
Petrol price in Kolkata: Rs 113.43/litre
Petrol price in Mumbai: Rs 111.12/litre
Petrol price in Chennai: Rs 107.75/litre
Petrol price in Hyderabad: Rs 115.69/litre
Petrol price in Bengaluru: Rs 110.93/litre
Diesel Prices On August 18
Diesel price in Delhi: Rs 95.20/litre
Diesel price in Kolkata: Rs 99.78/litre
Diesel price in Mumbai: Rs 97.78 litre
Diesel price in Chennai: Rs 99.57/litre
Diesel price in Hyderabad: 103.82/litre
Diesel price in Bengaluru: 98.79/litre
What Moves Petrol, Diesel Prices?
Global crude prices remain the biggest determinant of retail fuel prices in India, but they are far from the only factor.
Domestic petrol and diesel rates are also influenced by central and state taxes, refining margins, freight and distribution costs, as well as movements in the rupee against the US dollar.
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