Brent crude prices were little changed on Wednesday, hovering near the $80-a-barrel mark. At last check, Brent crude futures were down marginally at $79.32 per barrel.
Oil prices remained largely steady in the previous session following reports that the US, Iran and Oman are working on an interim arrangement to manage shipping through the Strait of Hormuz.
Under the proposed deal, inbound vessels would pass through Iran's territorial waters, while outbound ships would sail via Oman's waters in coordination with Tehran, according to an Axios report citing two regional sources.
US President Donald Trump told Fox News on Tuesday that negotiations had continued throughout the day and appeared to be progressing well. "It looks like things are very good," he said.
For India, which imports more than 85% of its crude oil needs, elevated oil prices could widen the country's import bill and add to inflationary pressures. Persistently high crude prices may also increase the likelihood of further hikes in domestic fuel prices, which have already been raised several times in recent months.
Petrol Prices On August 6
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 6
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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