On August 17, Indian fuel prices were impacted by global crude oil markets facing geopolitical pressure, with Brent crude near $89 per barrel. Since India imports over 85% of its oil, high global prices can raise its import bill and inflation.
Petrol and diesel prices remained in focus across India on Monday, August 17, as global crude oil markets continued to face pressure from geopolitical uncertainty and concerns over energy supplies. Brent crude hovered near the $89-a-barrel mark, with futures last trading 0.10% lower at $88.51 a barrel.
Oil prices had climbed in the previous session after the US said its naval blockade of Iranian ports could continue “indefinitely”, renewing worries over energy flows through the strategically important Strait of Hormuz. Brent futures gained 1.7% to settle at $88.52 a barrel, while US West Texas Intermediate (WTI) crude futures rose 1.4% to $82.40 a barrel.
For India, global crude price movements are particularly important as the country imports more than 85% of its crude oil requirements. A prolonged rise in international oil prices could increase India's import bill and add to inflationary pressures. It could also raise the possibility of further revisions in domestic fuel prices.
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Petrol and Diesel Prices on August 17
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
Among the major cities listed, Hyderabad recorded the highest petrol price at Rs 115.69 per litre, while Kolkata was close behind at Rs 113.43. For diesel, Hyderabad also had the highest rate at Rs 103.82 per litre. Delhi continued to have the lowest prices among these six cities, with petrol at Rs 102.12 and diesel at Rs 95.20 per litre.
Global crude prices remain a major factor influencing retail fuel rates in India. However, petrol and diesel prices are not determined by crude oil alone. Central and state taxes, refining margins, freight and distribution expenses, and fluctuations in the rupee against the US dollar also play a role in shaping prices paid by consumers.
With geopolitical tensions and concerns surrounding oil supplies continuing to influence international markets, motorists will be watching global crude trends and their potential impact on domestic fuel prices in the coming days.
