Brent crude prices were little changed on Wednesday, hovering around the $80-a-barrel mark, after US Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could be reached as early as this week.
At last check, Brent crude futures were trading marginally higher at $79.13 a barrel.
Oil prices had tumbled in the previous session after Bessent's comments raised hopes of easing supply disruptions through the strategic waterway.
Brent crude fell 5.3% to settle at $79.36 a barrel on Tuesday, while US benchmark West Texas Intermediate (WTI) crude declined 5.7% to close at $75.77 a barrel.
For India, which imports more than 85% of its crude oil requirements, sustained high oil prices could increase the country's import bill and fuel inflationary pressures. Higher crude prices also raise the likelihood of further increases in domestic fuel prices, which have already been revised upwards multiple times in recent months.
Petrol Prices On August 5
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 5
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.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
