Global Crude Oil Prices Wobble Amid Geopolitical Tensions
The global crude oil market remains under pressure due to geopolitical uncertainty and concerns over energy supplies. On August 17, Brent crude hovered near the $89-a-barrel mark, with futures last trading 0.10% lower at $88.51 a barrel.
India imports more than 85% of its crude oil requirements, making global price movements particularly important for the country. A prolonged rise in international oil prices could increase India's import bill and add to inflationary pressures.
The government has scrapped petrol export duty but kept diesel and ATF levies unchanged. The current fuel prices in major cities across India are as follows:
City Petrol Price (per litre) Diesel Price (per litre)
Delhi Rs 102.12 Rs 95.20
Kolkata Rs 113.43 Rs 99.78
Mumbai Rs 111.12 Rs 97.78
Chennai Rs 107.75 Rs 99.57
Hyderabad Rs 115.69 Rs 103.82
Bengaluru Rs 110.93 Rs 98.79