Brent crude prices were little changed on Thursday, hovering near the $90-a-barrel mark, after US President Donald Trump said Washington would launch a strong retaliation against Iran following what he described as an attempted surprise attack on American forces in the Middle East.
At last count, Brent crude futures were down 0.06% at $88.06 a barrel, while US West Texas Intermediate (WTI) crude futures edged up 0.09% to $84.54 a barrel.
In the previous session, oil prices rallied sharply, with Brent crude futures—the global benchmark—surging 7.9% to settle at $90.74 a barrel, while WTI crude advanced 6.6% to close at $84.46 a barrel, as escalating geopolitical tensions fuelled concerns over potential supply disruptions.
For India, which imports more than 85% of its crude oil requirements, any sustained increase in crude prices could considerably raise the country's import bill and add to inflationary pressures. Elevated oil prices also increase the risk of higher fuel costs, which have already seen multiple hikes in recent months.
Petrol Prices On July 30
- 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 30
- 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 Moves 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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