Brent crude prices were little changed on Wednesday, hovering around the $89-a-barrel mark, as geopolitical uncertainty continued to weigh on market sentiment. At last check, Brent crude futures were down 0.23% at $85.55 a barrel.
Oil prices fell more than 3% on Tuesday after the US shifted towards economic sanctions rather than military strikes to pressure Iran. Brent crude futures, the international benchmark, fell 3.9% to settle at $88.58 a barrel, while US West Texas Intermediate crude declined 3.1% to close at $82.36 a barrel.
Oil prices have fallen more than 5% this week after the US government announced a fresh round of sanctions targeting Iran and entities accused of continuing to trade with the Islamic Republic.
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 increase the likelihood of further domestic fuel price revisions.
Petrol Prices On August 26
- 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 26
- 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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