Petrol and diesel prices remained unchanged across India on Wednesday, July 8, despite a decline in global crude oil prices over the past week. State-run oil marketing companies (OMCs), including Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL), kept retail fuel prices unchanged, offering no immediate relief to consumers even as international oil markets softened following easing geopolitical tensions in West Asia.

Global crude prices have come under pressure in recent days amid signs of reduced geopolitical risks and expectations of increased supply. The easing of tensions in West Asia has helped stabilise energy markets, while the OPEC+ alliance has continued with its production expansion strategy. However, the decline in international crude prices has not yet translated into lower retail fuel prices in India, where revisions depend on several factors, including crude costs, exchange rates, taxes, freight charges and refining margins.

Last week, Union Petroleum and Natural Gas Minister Hardeep Singh Puri indicated that the government was not actively considering a reduction in petrol and diesel prices at this stage. His remarks suggested that despite the moderation in global oil prices, there are currently no immediate plans to revise domestic fuel rates. The government and oil marketing companies continue to monitor international market trends before taking any decision on retail pricing.

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The latest development comes after OPEC+ announced another increase in oil production, with output set to rise by 188,000 barrels per day from August 2026. The decision marks the fiftieth consecutive monthly production increase by the producers' alliance, reflecting its strategy to gradually raise supply in response to global demand. Higher production is generally expected to ease supply concerns and support lower crude prices, although market sentiment continues to be influenced by geopolitical developments and economic conditions.

Fuel prices continued to remain stable across major Indian cities. In Delhi, petrol was priced at ₹94.72 per litre and diesel at ₹87.62 per litre. In Mumbai, petrol stood at ₹103.44 per litre, while diesel was retailing at ₹89.97 per litre. Chennai recorded petrol prices of ₹100.75 per litre and diesel at ₹92.34 per litre, whereas Kolkata continued to sell petrol at ₹104.95 per litre and diesel at ₹91.76 per litre. In Bengaluru, petrol was priced at ₹102.86 per litre and diesel at ₹88.94 per litre.

Although international crude prices have softened, industry experts note that retail fuel prices in India are influenced by a combination of global and domestic factors rather than crude oil prices alone. Currency fluctuations, central and state taxes, transportation costs and inventory management all play a role in determining pump prices. With oil markets remaining volatile despite recent declines, consumers may have to wait longer before any potential reduction in petrol and diesel prices is reflected at fuel stations across the country.

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