Crude Oil Prices Rise, Check Petrol and Diesel Rates Across India (Image Courtesy: Instagram)
New Delhi: Petrol and diesel prices remained stable in most cities across the country on August 18. Minor changes have been seen in some states, while there was no change in fuel prices in many major cities. Meanwhile, there has been a rise in the prices of crude oil in the international market. Pressure on oil prices has increased due to increasing uncertainty regarding peace talks in the Middle East.
On August 18, the prices of petrol and diesel remained almost stable in the major metros of the country. There has been no major change in retail fuel rates in many big cities including Delhi, Mumbai, Chennai and Kolkata. However, prices vary from state to state due to taxes and other local charges.
Retail prices of petrol and diesel in India are decided by state-owned oil companies. This is the reason why the effect of fluctuations in the prices of crude oil in the international market is not immediately visible on the prices of domestic petrol and diesel.
There has been a rise in the prices of crude oil in the international market. WTI crude rose about 0.6 per cent to about 85 dollars a barrel. At the same time, Brent crude closed above 91 dollars per barrel.
The ongoing tension in the Middle East and uncertainty regarding US-Iran talks have increased the concerns of the oil market. Apart from this, the market is also keeping an eye on the supply of oil through the Strait of Hormuz.
Petrol and diesel prices in major cities on August 18 are as follows:
| City | Petrol Price | Diesel Price |
|---|---|---|
| Delhi | Rs 102.12 | Rs 95.20 |
| Mumbai | Rs 111.21 | Rs 97.83 |
| Chennai | Rs 107.76 | Rs 99.55 |
| Kolkata | Rs 113.51 | Rs 99.82 |
| Gurugram | Rs 102.97 | Rs 95.64 |
| Noida | Rs 101.96 | Rs 95.44 |
| Bengaluru | Rs 111.68 | Rs 99.56 |
| Bhubaneswar | Rs 108.97 | Rs 100.68 |
| Lucknow | Rs 101.86 | Rs 95.36 |
| Patna | Rs 113.37 | Rs 99.36 |
| Jaipur | Rs 113.19 | Rs 98.25 |
| Thiruvananthapuram | Rs 115.49 | Rs 104.40 |
Despite the rise in international crude oil prices, Indian consumers are currently relieved from the big increase in domestic fuel rates. Government oil marketing companies decide the prices of petrol and diesel in the domestic market.
However, if the rise in global crude oil prices continues for a long time, it may impact India's fuel market in the future.
There is a possibility of increasing tension amid the deadlock in talks between America and Iran. There has been talk of Iran making its military strategy more aggressive. On the other hand, the US has not shown interest in extending the current negotiation period.
Turkish President Recep Tayyip Erdogan has also talked to US President Donald Trump and stressed on finding a diplomatic solution with Iran. Due to such developments, there is concern about supply in the global oil market.
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