Global petrol and diesel markets are seeing some relief as crude oil prices retreat from the sharp highs triggered by tensions in the Middle East.
Brent crude has slipped below $90 a barrel after briefly crossing $100 last week, as signs of easing tensions between the US and Iran reduced fears of an immediate disruption to global oil supplies. West Texas Intermediate (WTI) crude closed around $82 per barrel on Monday.
Having said that, in India, state-run oil marketing companies have kept petrol and diesel prices unchanged on 28 July, even as global crude oil prices eased significantly since their recent highs.
Also Read: Oil Prices On July 28: Brent Crude Falls Below $88 As Trump Signals Fresh US-Iran Talks
Petrol prices on July 28
- 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 28
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.82/litre
- Diesel price in Mumbai: Rs 97.83litre
- Diesel price in Chennai: Rs 99.66/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
Back home, there has been no fresh policy announcement from the Petroleum Ministry on petrol and diesel prices over the past week, even as the sharp retreat in international crude prices has brought domestic fuel pricing back into focus.
What Drives Petrol and Diesel Prices?
While international crude prices remain a key factor, domestic petrol and diesel rates are also impacted by changes in currency value or exchange rate, refinery processing costs, freight and other charges, dealer commissions, and taxes levied by the central and state government. Consequently, movements in global oil prices do not always result in immediate changes at the pump.
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