For India, which imports more than 85% of its crude oil requirements, a sustained rise in global oil prices could widen the import bill and add to inflationary pressures.
For India, which imports more than 85% of its crude oil requirements, a sustained rise in global oil prices could widen the import bill and add to inflationary pressures.
US crude oil futures rose 2.6% in the previous session to settle at $84.50 a barrel, while Brent, the international benchmark, climbed 2.7% to close at $90.87.
Oil prices rose on Friday after the US said its naval blockade of Iranian ports could continue "indefinitely", reigniting concerns over energy supplies through the strategically important Strait of Hormuz.
Petrol and diesel prices remained unchanged across major Indian cities on Aug 15 despite a rise in global crude oil prices. Check the latest city-wise fuel rates
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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