Petrol And Diesel Prices On July 29: Check Latest Fuel Rates Across Major Indian Cities

Petrol and diesel prices were unchanged across major Indian cities on July 29 despite a sharp rise in the crude price in international markets.

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Oil marketing companies continued with the existing retail fuel rates, while investors tracked developments in the Middle East after renewed geopolitical tensions pushed global oil benchmarks higher.

Fuel Prices Across Major Cities

The crude price moved higher on Wednesday after fresh military developments in the Middle East intensified supply concerns. Brent crude futures for September delivery were trading 3.42% higher at $86.97 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 3.58% to $82.09 per barrel.

Crude Price Climbs Amid Middle East Tensions

According to the U.S. Central Command (CENTCOM), Iran’s Islamic Revolutionary Guard Corps launched multiple ballistic missiles targeting U.S. forces stationed in the Middle East. CENTCOM also said U.S. and Saudi forces carried out strikes on logistics and weapons facilities in eastern Iraq after more than 30 drone attacks by Iran-aligned militant groups over the previous three days.

The latest developments lifted the crude price as markets assessed the possibility of supply disruptions in one of the world’s key oil-producing regions. Although retail fuel prices in India remained unchanged on July 29, sustained gains in the crude price could increase pressure on import costs over time.

Why Fuel Prices Matter For India

India imports more than 85% of its crude oil requirement, making domestic fuel prices sensitive to movements in the global crude price. An increase in the price of international oil can lead to a rise in the cost of imports and inflation in several industries in the country.

Apart from the price of crude oil, the price of petrol and diesel is affected by taxes levied by the federal and state government, cost of processing, cost of transportation, dealers' margin, and the rupee-to-U.S. dollar exchange rate.

The oil marketing firms evaluate the prices of petrol and diesel daily, depending on the prevailing circumstances. But price adjustments are dependent on various factors that include changes in the trend of international crude prices and the entire pricing regime.

Considering that the developments in geopolitics are affecting the global energy markets, the players in the market will be watching the changes in the crude price in the upcoming trading session. For now, consumers in various Indian cities will be paying the same prices for petrol and diesel as oil marketing firms have not made any changes to fuel prices since July 29.