Crude oil prices eased on Friday, Sept. 25, as markets weighed hopes of a possible US-Iran truce against fresh concerns over attacks on Saudi Arabia's oil infrastructure. Brent crude futures fell 0.82% to $105.90 a barrel, while US West Texas Intermediate crude declined 1.65% to $93.05 a barrel at 02:12 GMT.
The decline came after both benchmarks surged on Thursday, with Brent settling 3.4% higher and WTI gaining 2.7%. Markets are also watching the widening gap between the two benchmarks, with the Brent-WTI spread reaching $12.68, the widest since May. Speculation around the US banning diesel exports, which can lead to oversupply in the domestic market, is also widening the gap between the two benchmarks.
Meanwhile, the US and Iran are in talks to figure out possible paths for oil supply; however, oil prices are fluctuating with prices rising above $100 a barrel due to a lack of diplomatic progress over the West Asia peace efforts after the US and Iranian officials met on the sidelines of the UN General Assembly in New York.
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Amid all this, domestic fuel prices remained unchanged on Sept. 25 as state-run oil market companies have not altered pump prices across India since May.
Petrol prices on September 25
- 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 25
- 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 consider factors such as the rupee-dollar exchange rate, refining costs, taxes, dealer margins, and others apart from international crude prices to determine the domestic fuel prices in India.
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