Brent crude prices edged higher on Monday, hovering near the $90-a-barrel mark, as geopolitical uncertainty continued to support oil prices. Brent crude futures were last trading 1.05% higher at $89.21 a barrel.
Oil prices ended lower last week as traders weighed stalled US-Iran diplomatic efforts against the resumption of some crude flows through the Strait of Hormuz.
Brent crude futures fell 39 cents to settle at $89.31 a barrel on Friday, while West Texas Intermediate crude declined 13 cents to $83.40. For the week, Brent lost more than 5%, while WTI slipped around 4%.
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For India, which meets more than 85% of its crude oil requirements through imports, a sustained rise in global oil prices could increase the country's import bill and add to inflationary pressures. Higher crude prices could also raise the prospect of further domestic fuel price revisions.
Petrol Prices On August 31
- 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 31
- 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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