Brent crude prices remained largely subdued on Wednesday, hovering around the $86-a-barrel level as lingering geopolitical uncertainty continued to unsettle global energy markets.
Brent crude prices remained largely subdued on Wednesday, hovering around the $86-a-barrel level as lingering geopolitical uncertainty continued to unsettle global energy markets. Brent crude futures were down 0.23% at $85.55 a barrel. The muted movement came a day after oil prices plunged more than 3% following the US decision to lean towards economic sanctions rather than military strikes as it seeks to pressure Iran. Brent crude, the international benchmark, tumbled 3.9% on Tuesday to settle at $88.58 a barrel, while US West Texas Intermediate (WTI) crude dropped 3.1% to close at $82.36 a barrel.
Global oil prices have now declined more than 5% this week after the US government unveiled a fresh wave of sanctions against Iran and entities accused of continuing to conduct trade with the Islamic Republic.
The sharp swings in crude prices carry significant implications for India, which relies on imports for more than 85% of its crude oil requirements. A prolonged surge in international oil prices could inflate the country’s import bill and intensify inflationary pressures. It could also raise the possibility of further revisions to domestic petrol and diesel prices.
Petrol and Diesel Prices Today: City-Wise Rates
| CITY | PETROL (Rs/litre) | DIESEL (Rs/litre) |
| New Delhi | Rs 102.12/litre | Rs 95.20/litre |
| Mumbai | Rs 111.12/litre | Rs 97.78 litre |
| Chennai | Rs 107.75/litre | Rs 99.57/litre |
| Kolkata | Rs 113.43/litre | Rs 99.78/litre |
| Hyderabad | Rs 115.69/litre | Rs 103.82/litre |
| Bengaluru | Rs 110.93/litre | Rs 98.79/litre |
What drives ,fuel, prices?
While global crude prices remain a key driver of retail fuel rates in India, they are not the sole factor determining what consumers pay at the pump.
Domestic petrol and diesel prices are also shaped by central and state-level taxes, refining margins, freight and distribution expenses, and fluctuations in the rupee’s value against the US dollar. Together, these factors determine how movements in the global oil market ultimately filter through to Indian consumers.