Brent crude prices edged higher on Friday, inching closer to the $85-a-barrel mark. At last check, Brent crude futures were up 0.16% at $83.67 per barrel.
Oil prices climbed after Iranian state media published a draft proposal outlining stricter conditions for ship movements through the Strait of Hormuz, raising concerns over potential disruptions to global energy supplies.
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Brent crude, in the previous session, settled 3.8% higher at $82.49 per barrel, while US West Texas Intermediate (WTI) rose 2.8% to close at $77.29 per barrel.
For India, which imports more than 85% of its crude oil requirement, sustained strength in crude prices could inflate the country's import bill and intensify inflationary pressures. Higher oil prices may also increase the chances of further hikes in domestic fuel prices, which have already seen multiple revisions in recent months.
Petrol Prices On August 7
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 7
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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