New Delhi: Despite ongoing fluctuations in global crude oil prices, petrol and diesel rates across India have remained unchanged. Oil marketing companies (OMCs) kept fuel prices steady on July 26 as well. Although crude oil prices initially surged amid rising tensions between the United States and Iran, they later eased following reports of diplomatic talks between the two countries.
Why did crude oil prices fluctuate?
Due to increasing tension in the Middle East and fear of stoppage of oil supply from the Strait of Hormuz, the price of Brent crude went up to 100.69 dollars per barrel. But later, when there was hope of talks between America and Iran, the fear in the market reduced. After this, Brent crude fell to 96.78 dollars per barrel. At the same time, American WTI crude also slipped to 89.31 dollars per barrel.
What are the prices of petrol and diesel in major cities of the country?
| City | Petrol | Diesel |
|---|---|---|
| Delhi | Rs 102.12 per Litre | Rs 95.20 per Litre |
| Mumbai | Rs 111.21 per Litre | Rs 97.83 per Litre |
| Kolkata | Rs 113.51 per Litre | Rs 99.82 per Litre |
| Benguluru | Rs 111.68 per Litre | Rs 99.56 per Litre |
| Chennai | Rs 107.76 per Litre | Rs 99.55 per Litre |
| Hyderabad | Rs 117.07 per Litre | Rs 105.22 per Litre |
How are petrol and diesel prices decided in India?
Petrol and diesel prices in the country depend on many factors. The biggest impact is on the prices of crude oil in the international market. Apart from this, the position of the rupee against the dollar also plays an important role. If the rupee weakens, the cost of importing crude oil increases, which may impact domestic fuel prices.
Why are the prices of petrol and diesel different in every state?
Petrol and diesel prices do not vary across the country as each state imposes different VAT and other local taxes. Apart from this, transportation costs, dealer commission and local expenses also create differences in prices.
Can fuel prices change in the coming days?
At present, oil companies have not indicated any change in prices. But if there is a long rise or fall in the prices of crude oil in the international market or the government changes the taxes, then there may be a revision in the prices of petrol and diesel in the coming days. At present, consumers are relieved that fuel prices remain stable across the country.
