Crude Oil Prices Fall Amid Iran-US Deal Hopes, Petrol-Diesel Prices Dip in India

The price of crude oil has fallen due to the possibility of a deal between Iran and America. Brent crude, the global benchmark for oil prices, dipped by 0.84% to $88.23 per barrel in early trading on Wednesday. WTI crude also fell by 1.15% to $82.301 per barrel during the same period.

The decline comes after a five-day rally that saw Brent crude rise by 11%. The price drop is attributed to the potential deal between Iran and America, which has raised hopes of an increase in oil supply on the global market.

In India, petrol and diesel prices have been affected by the fall in crude oil prices. On Wednesday, petrol was priced at Rs. 102.12 per liter in Delhi, while diesel was priced at Rs. 95.20 per liter. In other major cities such as Kolkata, Mumbai, Chennai, Bangalore, and Jaipur, the prices were slightly different.

India's oil marketing companies, including Indian Oil, BPCL, and HPCL, update their fuel prices daily based on a formula that takes into account crude oil prices, transportation costs, and other factors. The final price is then determined by adding a dealer commission to the calculated price.