Petrol and diesel prices were unchanged across major Indian cities on Monday, August 24, 2026, even as world crude oil prices declined. State-run oil marketing companies kept retail fuel rates steady as global markets kept an eye on the Strait of Hormuz and the possibility of new US sanctions against Iran and its trading partners.
International crude prices slipped after a 5% rise in the past week. Brent crude fell by $1.22 to around $93.17 a barrel while WTI crude dropped $1.20 to around $85.86 a barrel, according to Reuters.
The oil markets across the world are closely watched by India because India relies on crude oil imports to get the energy it needs. But fluctuations in international crude prices do not necessarily lead to immediate change in petrol and diesel prices in India.
Petrol price Today, August 24
Petrol prices remained unchanged in the major cities on Monday. The latest rates are:
- Delhi: Rs 102.12 per litre.
- Kolkata: Rs 113.51 per litre.
- Mumbai: Rs 111.21 per litre.
- Chennai: Rs 108.01 per litre.
- Hyderabad: Rs 115.73 per litre.
- Bengaluru: Rs 110.89 per litre.
On the list of cities, Hyderabad had the highest petrol price at Rs 115.73 per litre, and Delhi the lowest at Rs 102.12 per litre.
Today, August 24, is diesel price day
Diesel rates also remained unchanged in the major cities:
- Delhi: Rs 95.20 per litre.
- Kolkata: Rs 99.82 per litre.
- Mumbai: Rs 97.83 per litre.
- Chennai: Rs 99.66 per litre.
- Hyderabad: Rs 103.82 per litre.
- Bengaluru: Rs 98.80 per litre.
Hyderabad had the highest diesel prices among the cities listed, while Delhi remained the cheapest market for diesel.
Why are world oil prices so closely watched?
Crude oil prices were up more than 3 percent yesterday as the energy market was in the midst of a state of uncertainty. The Strait of Hormuz, a critical trade route for international oil shipping, has been the focus of concern about supply shortages.
Markets will also need more clarity on the prospect of more US sanctions on Iran and other trading partners of Iran and its oil traders. A large disruption of crude supplies could push international oil prices up.
In India, this increase in crude oil prices might increase the import bill and put pressure on the country’s current account and currency. Higher energy costs can also have a wider effect on transportation, manufacturing, and logistics.
Impact on Indian Oil Marketing companies
While petrol and diesel prices remained unchanged on August 24, high crude oil prices can increase the cost burden on Indian oil marketing companies if the trend continues.
The domestic retail price of fuel is influenced by several factors, and oil companies do not necessarily pass every short-term movement in international crude prices directly to consumers. However, a long-term rise in crude prices might put pressure on future pricing decisions.
Higher fuel costs can also affect household budgets as petrol and diesel affect transportation costs. Diesel prices are more important for freight movement, agriculture, logistics, and commercial transportation.
What determines Petrol And Diesel prices in India?
International crude oil prices are an important factor, but they are not the only component that influences the price consumers pay at fuel stations.
The final retail price can be influenced by:
- International crude oil prices
- The rupee-dollar exchange rate
- Refining and transportation costs
- Central and state taxes
- Dealer commissions and margins
- Marketing and distribution costs
- Domestic market conditions
As a result, petrol and diesel prices can vary drastically from one city to another because state-level taxes and other local factors vary.
Fuel prices remain a key economic indicator
With crude oil prices still elevated, Indian consumers and businesses will keep track of fuel rates. Stable petrol and diesel prices on August 24 give some relief to motorists despite volatility in international energy markets.
But if we see a sustained disruption to global crude supplies or a sharp rise in international oil prices, India’s import costs, inflation outlook, and the rupee will be affected in various ways. For now, petrol and diesel prices in all of the major cities are unchanged, and the new rates are to be checked the next time we refuel.
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