Crude prices eased on Monday, Oct. 5, as crude oil exports from the Middle East rose amid the ongoing US-Iran attacks. Furthermore, G7 countries agreed to release 100 million barrels of diesel and crude from the emergency reserve, which also dragged crude oil prices down on Monday.
Brent crude Oct. futures stood at $101.74 per barrel, down by 0.5% from its previous close at around 4:54 a.m. UTC. West Texas Intermediate crude stood at $90.29 per barrel, after declining 0.9% against its earlier close.
Back home in India, petrol and diesel prices remained unchanged on Oct. 5, amid volatile international crude prices.
Petrol prices on October 5
- Petrol price in Delhi: Rs 102.12/litre
- Petrol price in Kolkata: Rs 113.51/litre
- Petrol price in Mumbai: Rs 111.21/litre
- Petrol price in Chennai: Rs 107.77/litre
- Petrol price in Hyderabad: Rs 115.69/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel prices on October 5
- Diesel price in Delhi: Rs 95.20/litre
- Diesel price in Kolkata: Rs 99.82/litre
- Diesel price in Mumbai: Rs 97.83litre
- Diesel price in Chennai: Rs 99.55/litre
- Diesel price in Hyderabad: 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
What Drives Petrol and Diesel Prices?
Apart from crude prices in the global market, state-run oil marketing companies need to consider multiple other factors like the rupee-dollar exchange rate, refining costs, taxes, and dealer margins to determine domestic fuel prices, which is why domestic fuel prices do not change on a daily basis according to the daily movement in the international crude prices.