Petrol, diesel prices today, July 26: Check latest rates in Delhi, Mumbai, Chennai, Kolkata and other cities

Fuel prices across India remained largely unchanged on July 26, even as oil prices settled lower last week after the latest round of US-Iran war amid hopes that shipping would eventually resume via the Strait of Hormuz.

The price of Brent crude oil significantly increased on Thursday, reaching $100.69 per barrel by closing. Later, Brent crude dropped due to renewed diplomatic talks between the US and Iran, helping cool down immediate war-risk fears.

This surge, the highest in nearly two months, is attributed to escalating tensions in Iran, which sparked concerns about potential disruptions to the global energy supply. This, however, is a bit below the late-April peak of over $120 per barrel, when the Hormuz closure first sent global energy markets into shock. The risk, however, continues to hover due to the ongoing strikes.

As of Sunday, Brent crude fell 3.88% to $96.78 per barrel, whereas US West Texas Intermediate (WTI) crude dropped 3.12% to $89.31 per barrel. 

Petrol and diesel prices have remained steady since May 25, when state-owned Oil Marketing Companies (OMCs) raised petrol prices by ₹2.61 per litre and diesel prices by ₹2.71 per litre.

In Delhi, petrol continues to be priced above ₹100 per litre at ₹102.12, while diesel is retailing at ₹95.20 per litre. Mumbai has also continued to see petrol prices above the ₹110 mark, with petrol selling at ₹111.21 per litre and diesel at ₹97.83 per litre.

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

Check latest petrol rates here

Fuel prices in key cities (July 24)

Check latest diesel rates here

What drives petrol and diesel prices in India?

A combination of global, economic, and domestic factors shapes fuel prices at the pump. At the heart of it is the international price of crude oil, the base raw material for both petrol and diesel, which has the single biggest bearing on what consumers ultimately pay.

The rupee-dollar exchange rate is another key variable, given that India relies heavily on imported crude. When the rupee weakens against the dollar, the cost of procuring crude rises, which can feed directly into higher retail fuel prices.

Why do prices differ across different cities?

On top of that, taxes levied by both the central and state governments make up a substantial portion of the final price, which is why petrol and diesel rates differ across states. Transportation costs and prevailing demand-supply conditions also factor into the retail price consumers see at the pump.