Brent crude extended its rally on Friday, climbing above the $100-per-barrel mark and hovering near multi-month highs as escalating tensions in the Middle East fuelled concerns over potential disruptions to global oil supplies.
At last count, Brent crude was trading at $100.18 per barrel, after briefly crossing the key psychological level.
Oil prices surged on Thursday following reports of attacks on tankers in the Red Sea and US President Donald Trump's warning of a "massive attack" against Iran. Brent crude settled 7% higher at $100.69 per barrel, its first close above the $100 mark since May 26.
Meanwhile, US West Texas Intermediate (WTI) crude rose about 6% to settle at $92.19 per barrel. Oil prices have now rallied more than 30% this month amid intensifying conflict in the Middle East.
The sustained rise in crude prices could pose challenges for India, which imports more than 85% of its crude oil requirements. Higher oil prices also come at a time when domestic fuel prices have witnessed multiple upward revisions in recent months, adding to inflationary concerns.
Petrol Prices On July 24
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Kolkata: Rs 113.51/litre
- Petrol price in Mumbai: Rs 111.21/litre
- Petrol price in Chennai: Rs 108.01/litre
- Petrol price in Hyderabad: Rs 115.73/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel Prices On July 24
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.82/litre
- Diesel price in Mumbai: Rs 97.83 litre
- Diesel price in Chennai: Rs 99.66/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/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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