Crude oil prices ended lower on Friday, with Brent crude at $89.31 a barrel and West Texas Intermediate at $83.40 a barrel. Brent fell 5.4% over the week, while WTI declined 4.2%. Crude prices declined weekly with expectations of improved oil flows through the Strait of Hormuz as concerns over prolonged supply disruptions are easing.
Furthermore, diplomatic efforts involving Iran and Oman helped global crude prices ease as investors are hoping that the key shipping route could gradually reopen. Higher Gulf oil shipments have further reduced immediate supply fears.
The possibility of tighter US monetary policy, as indicated by Kevin Warsh in his Jackson Hole speech yesterday, also kept the markets cautious.
Meanwhile, Russia-Ukraine tensions escalating again with fresh attacks by Ukraine refrained crude prices from falling further.
On Saturday, Aug. 29, domestic fuel prices across the country remained unchanged even though there has been a weekly decline in international crude prices. The state-run oil marketing companies kept the prices of petrol and diesel unchanged.
Also Read: BPCL Braves Blocked Strait Of Hormuz To Chase $30 Iraqi Crude Discounts
Petrol prices on August 29
- 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 107.77/litre
- Petrol price in Hyderabad: Rs 115.69/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel prices on August 29
- 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 99.55/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
What Drives Petrol and Diesel Prices?
Volatile crude prices in the international market do not often lead to changes in domestic fuel prices, as several other factors, such as the rupee-dollar exchange rate, refining costs, taxes, dealer margins, and others, are considered by state-run oil marketing companies for determining fuel prices on a daily basis.
Also Read: Goldman Says Gulf Oil Exports At Two-Thirds Of Pre-War Level
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
