Brent crude prices were little changed on Tuesday, hovering around the $85-a-barrel mark, after US President Donald Trump said he had called off a planned military strike on Iran. At last check, Brent crude futures were trading marginally higher at $84.20 a barrel.
Oil prices had retreated sharply in the previous session after Trump said he shelved the planned strike following requests from Tehran and other Middle Eastern countries. West Texas Intermediate (WTI) futures fell about 5% to settle at $80.34 a barrel on Monday, while Brent crude dropped 4.7% to close at $83.77 a barrel.
For India, which imports more than 85% of its crude oil requirements, persistently high oil prices could widen the country's import bill and add to inflationary pressures.
Elevated crude prices also increase the risk of higher domestic fuel prices, which have already been raised multiple times in recent months.
Petrol Prices On August 4
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 4
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 Drives 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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