Check Latest Petrol And Diesel Rates Across Delhi, Mumbai And Other Major Cities Today
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Petrol and diesel prices across India remained unchanged on Thursday, July 9, 2026, despite a sharp rise in global crude oil prices triggered by escalating geopolitical tensions in West Asia. State-owned oil marketing companies, including Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd. (HPCL), kept retail fuel prices steady, continuing a trend of price stability even as international energy markets experienced heightened volatility.
The latest stability in domestic fuel prices comes against the backdrop of renewed concerns over global oil supplies after the United States carried out strikes on targets in Iran for a second consecutive day. The developments have raised fears of potential disruptions to energy shipments from the Middle East, a region that accounts for a significant share of the world's crude oil production and exports. As a result, international benchmark crude prices have climbed sharply over the past week, increasing pressure on oil-importing nations such as India.
Despite the surge in crude prices, domestic fuel retailers have not revised petrol and diesel rates. The decision follows the government's broader approach of insulating consumers from short-term fluctuations in international oil markets. Last week, Union Petroleum and Natural Gas Minister Hardeep Singh Puri indicated that reducing retail fuel prices was not currently under consideration, signalling that the government was prioritising market stability amid evolving global conditions.
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Global oil markets have also been influenced by production decisions taken by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+). The producers' group recently announced another increase in oil output, with production set to rise by 188,000 barrels per day from August 2026. The move marks the group's fiftieth consecutive monthly production increase and is aimed at ensuring adequate global supplies. However, the impact of higher output has been overshadowed by geopolitical risks, which continue to drive crude prices higher as traders assess the possibility of supply disruptions.
India, which imports more than 80 per cent of its crude oil requirements, remains particularly sensitive to sustained increases in global oil prices. A prolonged rally in crude can raise import costs, widen the current account deficit and add to inflationary pressures by increasing transportation and manufacturing expenses. Higher energy prices can also affect sectors such as aviation, logistics, paints and chemicals, while influencing the overall cost of living for consumers.
As global markets continue to monitor developments in West Asia, domestic fuel prices are expected to remain under close watch. Although oil marketing companies revise petrol and diesel prices daily based on international crude prices and exchange rate movements, broader government policy and tax considerations also play an important role in determining retail rates. For now, consumers across major cities, including Mumbai, Delhi, Chennai, Kolkata and Bengaluru, continue to pay unchanged prices, even as volatility persists in global energy markets.
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