Petrol, Diesel Prices On August 12: Check New Fuel Rates In Mumbai, Bengaluru, Chennai, Kolkata And More

Brent crude futures rose 0.57% to $89.47 a barrel on Wednesday, after settling 1.36% higher at $88.91 a barrel on Tuesday. U.S. West Texas Intermediate crude ended Tuesday at $83.20 a barrel, up 1.3%. Oil prices have gained more than 6% this week as uncertainty over shipping through the Strait of Hormuz continues.

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Petrol And Diesel Prices On August 12

Fuel rates in major Indian cities on August 12 are as follows:

The crude oil price remained firm after Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council, said the Strait of Hormuz would not reopen until Washington met Tehran’s conditions. Reuters reported that Rezaei called for Iranian funds held overseas to be unfrozen as part of the conditions.

The comments came as markets continued to assess the possibility of an agreement between the U.S. and Iran. Pakistan Defence Minister Khawaja Asif told Bloomberg News that developments were again moving towards a possible peace arrangement or deal. Pakistan had earlier helped mediate an interim U.S.-Iran agreement in June, which subsequently broke down.

Impact Of Crude Prices On India

India is heavily dependent on overseas supplies for its energy needs, importing more than 85% of its crude oil requirements. A sustained rise in the crude oil price can increase the country’s import bill and add to inflationary pressure.

The impact on domestic fuel rates depends on several factors. Apart from international crude benchmarks, oil marketing companies take into account refining margins, transportation and distribution expenses, taxes imposed by the Centre and states, and movements in the rupee against the U.S. dollar.

The latest movement in Brent crude price has therefore kept the global oil market closely tied to developments around the Strait of Hormuz. Any change in shipping conditions through the strategic waterway remains relevant for international supply and energy costs.

For Indian consumers, petrol price and diesel price levels continue to reflect the prevailing domestic pricing structure. The rates listed above apply to the respective cities on August 12.