Petrol and diesel prices across major Indian cities remained at elevated levels on Sunday, August 2, as global crude oil prices continued to climb amid escalating geopolitical tensions and concerns over supply disruptions. Rising international oil prices have increased concerns over India's import bill and inflation, given that the country imports more than 85 per cent of its crude oil requirements.

Global oil markets recorded strong gains, with Brent crude, the international benchmark, trading around $88 per barrel, while West Texas Intermediate (WTI) was trading below $85 per barrel after rising sharply. Oil prices received additional support following reports that the United States and Israel were considering strikes on energy-related targets in Iran, raising fears of potential disruptions to global crude supplies. During July, Brent crude posted its biggest monthly gain since March, rising by nearly 24 per cent, while diesel and natural gas prices also registered significant increases.

Higher international crude prices could have a direct impact on India's economy by increasing fuel import costs and adding to inflationary pressures. Global energy companies have also warned that refining margins are likely to remain elevated as supply disruptions continue to strain fuel markets. Sustained increases in crude prices may eventually influence domestic fuel pricing if international trends persist.

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According to the latest retail fuel prices, petrol is priced at Rs 102.12 per litre in Delhi, Rs 113.51 per litre in Kolkata, Rs 111.12 per litre in Mumbai, Rs 108.01 per litre in Chennai, Rs 115.73 per litre in Hyderabad and Rs 110.89 per litre in Bengaluru. Meanwhile, diesel costs Rs 95.20 per litre in Delhi, Rs 99.82 per litre in Kolkata, Rs 97.83 per litre in Mumbai, Rs 99.66 per litre in Chennai, Rs 103.82 per litre in Hyderabad and Rs 98.80 per litre in Bengaluru.

Fuel prices in India vary across states due to differences in Value Added Tax (VAT), freight charges and local levies imposed by state governments. Although retail fuel rates have remained unchanged in many cities in recent weeks, continued volatility in global crude markets will be closely monitored, as any prolonged increase in international oil prices could place additional pressure on domestic fuel costs and the broader economy.

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