Steady Petrol and Diesel Prices in India Despite Global Oil Price Volatility
Global oil prices took a hit last week after diplomatic talks between the US and Iran helped ease war-risk fears, leading to steady petrol and diesel prices in India since May 25. The international price of crude oil has a significant impact on fuel prices at the pump, with Brent crude dropping to $96.78 per barrel and US West Texas Intermediate (WTI) crude falling to $89.31 per barrel.
In major Indian cities like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata, and Chennai, petrol prices remain above ₹100 per litre, while diesel prices are below ₹100 in most cities except for Hyderabad and Chennai.
The price of Brent crude surged to $100.69 per barrel on Thursday due to escalating tensions in Iran, but the risk has cooled down due to renewed diplomatic talks. The international market is still cautious about potential disruptions to the global energy supply, which could impact fuel prices in India.