Brent crude prices inched upward on Thursday, hovering near the $92-a-barrel mark, as Middle East uncertainty continued to weigh on market sentiment. At last check, Brent crude futures were up 0.29% at $91.88 a barrel.
Oil prices rose more than 1% Wednesday, as investors worried tensions in the Middle East could escalate after the United Arab Emirates decided to suspend all financial and economic transactions with Iran.
Shipping through the Strait of Hormuz also remained slow, data showed, as most ship owners avoided the waterway because of a lack of clear signaling on its reopening.
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Brent crude futures rose 0.7% to close at $91.62 per barrel. US West Texas Intermediate crude traded 1% higher to settle at $85.83 a barrel.
For India, which imports more than 85% of its crude oil requirements, a sustained rise in global oil prices could widen the import bill and add to inflationary pressures. Higher crude prices could also raise the possibility of further domestic fuel price revisions.
Petrol Prices On August 20
- 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 20
- 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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