Fuel prices remained unchanged on Monday, August 24, 2026 in all the major cities. However, crude oil prices fell back slightly after rising over 5% last week as markets shrugged off renewed tension over the Hormuz crisis and interruption to oil supplies.
Brent crude futures were down $1.22 at around $93.17 a barrel, while US West Texas Intermediate crude fell $1.20 to $85.86 a barrel, according to Reuters.
The anticipation over the US announcement on new sanctions against Iran and its trading partners is keeping markets on edge. The market remains sensitive to developments around the Strait of Hormuz, through which a significant share of global oil supplies normally passes.
Also Read: Hormuz Tensions To Escalate? Iran Moves To Impose Service Fees On Ships Transiting Strait
Despite the swings in international crude prices, state-run oil companies kept petrol and diesel prices unchanged across India on Monday.
Petrol prices on August 24
- 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 24
- 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
Impact on Indian Oil Marketers
For Indian consumers, petrol and diesel prices remain a key factor to watch as global oil prices stay elevated. While domestic pump prices do not move with every daily change in international crude prices, a prolonged rise in oil prices can increase the cost burden for Indian oil marketing companies and put pressure on future retail fuel pricing. Also, higher oil prices are a concern for India's inflation outlook and the rupee.
What Drives Petrol and Diesel Prices?
Though international crude price movements are crucial in determining petrol and diesel prices in India, there are several other factors, such as the rupee-dollar exchange rate, refining costs, taxes, dealer margins, and others, which are considered by state-run oil marketing companies for finalising fuel prices daily.
Also Read: US Oil & Gas Production Hits Record High: Energy Secy Wright Credits Trump's Agenda
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