On Tuesday, Brent gained 1.36% to settle at $88.91 a barrel, while US West Texas Intermediate (WTI) futures rose 1.3% to close at $83.20 a barrel.
On Tuesday, Brent gained 1.36% to settle at $88.91 a barrel, while US West Texas Intermediate (WTI) futures rose 1.3% to close at $83.20 a barrel.
Factors including international crude oil prices, the rupee-dollar exchange rate, government taxes, transportation costs and local demand and supply conditions influence the retail price of fuel.
Brent crude, in the previous session,settled 3.8% higher at $82.49 per barrel, while US West Texas Intermediate (WTI) rose 2.8% to close at $77.29 per barrel.
Brent crude fell 5.3% to settle at $79.36 a barrel on Tuesday, while US benchmark West Texas Intermediate (WTI) crude declined 5.7% to close at $75.77 a barrel.
Oil prices had retreated sharply in the previous session after Trump said he shelved the planned strike following requests from Tehran and other Middle Eastern countries.
Oil prices had rallied more than 1% in the previous session, with Brent settling at $90.12 a barrel and US WTI crude closing at $84.67.
Petrol and diesel prices remained unchanged across India on August 1 despite Brent crude ending July above $90 per barrel
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