Brent crude prices climbed sharply on Wednesday after Iran launched ballistic missile attacks targeting US forces in the Middle East, raising concerns over escalating geopolitical tensions.
At last count, Futures for the international benchmark Brent crude for September delivery rose 3.42% to $86.97 per barrel, while US West Texas Intermediate (WTI) crude futures gained 3.58% to $82.09 per barrel.
The rally followed heightened tensions in the region after the US Central Command (Centcom) said the Islamic Revolutionary Guard Corps launched multiple ballistic missiles from Iran in what it described as an attempted surprise attack on US forces stationed in the Middle East.
Centcom also said US and Saudi forces carried out strikes on multiple logistics and weapons sites in eastern Iraq, responding to more than 30 drone attacks over the past three days by Iran-aligned militant groups.
For India, which imports more than 85% of its crude oil requirements, a sustained rise in oil prices could increase import costs and stoke inflationary pressures. Higher crude prices also raise concerns over fuel costs, which have already witnessed multiple increases in recent months.
Petrol Prices On July 29
- 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 July 29
- 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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