Oil prices were headed for a solid weekly gain on Friday as the US readied fresh economic measures against Iran, stoking fears of further disruptions to global energy supplies and adding to concerns over a tightening oil market.
Brent crude traded above $93 a barrel and was on course to climb more than 5% for the week. US benchmark West Texas Intermediate for October delivery slipped towards $86 a barrel, but remained set for a fifth straight session of gains.
Fuel prices remained unchanged across major Indian cities on Friday, with only minor revisions reported in a few locations. The stability came even as global crude oil prices edged lower, snapping a five-day rally. Retail fuel prices in India are shielded from short-term volatility in international oil markets, with state-owned OMCs determining daily petrol and diesel prices.
Petrol Prices On August 21
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Mumbai: Rs 111.18/litre
- Petrol price in Kolkata: Rs 113.51/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
ALSO READ: Oil Prices Set For 5% Weekly Gain: Brent Crude Above $93 As US Prepares New Iran Sanctions
Diesel Prices On August 21
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Mumbai: Rs 97.83 litre
- Diesel price in Kolkata: Rs 99.82/litre
- Diesel price in Chennai: Rs 99.55/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/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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