Petrol, Diesel Prices today: Brent crude prices edged higher on Tuesday, hovering around the $91-a-barrel mark, as renewed tensions between the US and Iran weighed on market sentiment.
At last check, Brent crude futures were up 0.42% at $91.12 a barrel.
Oil prices had jumped on Monday after US forces struck two Iranian rocket launchers on Larak Island, marking a resumption of combat between Washington and Tehran. Brent crude for September delivery gained 2.7% to settle at $90.49 a barrel, while US West Texas Intermediate futures rose 2.8% to close at $85.76 per barrel.
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For India, which imports more than 85% of its crude oil requirements, a sustained rise in global oil prices could increase the country's import bill and add to inflationary pressures. Higher crude prices could also raise the prospect of further domestic fuel price revisions.
Petrol Prices On September 1
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 September 1
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 Hydrabad: 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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