After a sharp rally earlier this week, as traders assessed the latest developments in the Middle East while monitoring the outlook for global oil supplies, Brent crude futures settled at $89.03 per barrel, down 1.88%, while U.S. West Texas Intermediate (WTI) crude settled at $83.59 per barrel, down 1.03%.
Having said that, escalating military exchanges between the United States and Iran are keeping crude prices highly volatile, with concerns over potential disruptions to crude shipments through key energy transit routes, including the Strait of Hormuz.
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However, in India, state-run oil marketing companies have kept petrol and diesel prices unchanged on 31 July, even as global crude oil prices eased significantly since their recent highs.
Petrol prices on July 31
- 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 31
- 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
What drives petrol and diesel prices?
Although global crude oil prices play a significant role in determining domestic fuel prices, petrol and diesel rates in India are influenced by several other factors. These include fluctuations in the rupee-dollar exchange rate, refinery processing costs, freight expenses, dealer commissions, and central and state taxes. As a result, changes in international crude prices do not always translate into immediate revisions in retail fuel prices.
Also Read: Brent Crude Nears $90 As US-Iran Conflict Puts Oil On Track For Biggest Monthly Gain Since March
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