Petrol and Diesel Prices Today, July 26: Check Latest Prices in Delhi, Mumbai, Chennai, Kolkata and Other Cities

Fuel prices across India remained largely unchanged on July 26, even as oil prices fell last week after the latest round of the U.S.-Iran war on hopes that shipping would eventually resume through the Strait of Hormuz.

The price of Brent crude rose significantly on Thursday, reaching $100.69 a barrel after the close. Later, Brent crude fell on fresh diplomatic talks between the US and Iran, helping to cool fears of an imminent war.

The rise, the highest in almost two months, comes as tensions with Iran escalated, raising concerns about potential disruptions to global energy supplies. However, this is slightly below the end-April peak of more than $120 a barrel, when the Hormuz shutdown first shocked global energy markets. However, the risk is still hovering due to the ongoing strikes.

Brent crude fell 3.88% to $96.78 a barrel on Sunday, while US West Texas Intermediate (WTI) crude fell 3.12% to $89.31 a barrel.

Petrol and diesel prices have remained stable since May 25, when state-owned Oil Marketing Companies (OMC) hiked petrol prices by ₹2.61/litre and diesel prices by ₹2.71/litre.

in Delhi, petrol Its price is still over ₹100/litre at ₹102.12, while diesel retails at ₹95.20/litre. In Mumbai, petrol prices are also still above ₹110, with petrol at ₹111.21 and diesel at ₹97.83 per litre.

In other major cities like Bengaluru, Hyderabad and Kolkata, petrol prices are still above ₹110 per litre. Diesel prices in these cities are below ₹100, except in Hyderabad where diesel is priced at ₹103.82 and Chennai where diesel is priced at ₹100.92.

Check the latest gas prices here

Fuel prices in the most important cities (24.7)

Check the latest diesel prices here

What drives petrol and diesel prices in India?

A combination of global, economic and domestic factors shape fuel prices at the pump. At its heart is the international price of crude oil, the basic raw material for both gasoline and diesel, which has the single biggest impact on what consumers end up paying.

The rupee/dollar exchange rate is another key variable as India is heavily dependent on imported crude oil. When the rupee weakens against the dollar, the cost of crude oil procurement increases, which can directly affect the increase in retail fuel prices.

Why do prices vary in different cities?

In addition to this, taxes levied by both the central and state governments form a significant part of the final price, which is why petrol and diesel prices vary from state to state. Transportation costs and prevailing supply-demand conditions also affect the retail price consumers see at the pump.