Crude oil prices fell on Thursday, Sept. 17, extending the previous session's losses as concerns over Middle East supply disruptions eased. Brent crude futures fell 1.2% to $104.59 a barrel, while US West Texas Intermediate crude was down 1.1% at $101.29 a barrel in early trade.
Though crude prices have eased, they remain sensitive to developments around the US-Iran conflict and the Strait of Hormuz. Ship crossings through the key waterway fell to just four on Tuesday, well below the 10-day average of 18, with no very large crude carriers or LNG tankers among the vessels recorded. Hormuz handled about one-fifth of global oil and LNG supplies before the Iran war.
However, a major sigh of relief came as Saudi Arabia is offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port, helping ease supply concerns. Though, Saudi Arabia has also suspended crude loadings at Yanbu following attacks on its oil infrastructure, additional volumes are being routed through Oman.
Petrol and diesel prices remained unchanged across major Indian cities on Thursday, Sept. 17, despite continued volatility in global crude oil prices.
Also Read: Oil Prices On September 17: Brent Crude Falls Below $105 As Saudi Moves To Restore Key Pipeline
Petrol prices on September 17
- 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 107.77/litre
- Petrol price in Hyderabad: Rs 115.69/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel prices on September 17
- 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 99.55/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
What Drives Petrol and Diesel Prices
State-run oil marketing companies have been facing the heat of rising crude prices but have not altered the domestic petrol and diesel prices since May end. They also consider other factors such as the rupee-dollar exchange rate, refining costs, taxes, and dealer margins for determining domestic fuel prices, apart from international crude prices; thus, domestic fuel prices do not change with every change in international crude prices.
Also Read: Indian Refiners Face 40% Crude Cost Surge As Middle East War Disrupts Flows
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