June 23 Fuel Rates: Petrol And Diesel Prices Across Major Indian Cities

Petrol and diesel prices across major Indian cities remained unchanged on Tuesday, June 23, despite a recent decline in global crude oil prices following signs of progress in negotiations between the United States and Iran. The stability in domestic fuel rates comes after several rounds of price hikes triggered by supply concerns during the recent conflict involving the two countries.

According to the latest fuel price data, petrol in Delhi is being sold at Rs 102.12 per litre, while diesel costs Rs 95.20 per litre. Petrol prices stand at Rs 113.51 per litre in Kolkata, Rs 111.21 per litre in Mumbai, Rs 108.01 per litre in Chennai, Rs 115.73 per litre in Hyderabad and Rs 110.89 per litre in Bengaluru. Diesel prices are Rs 99.82 per litre in Kolkata, Rs 97.83 per litre in Mumbai, Rs 99.66 per litre in Chennai, Rs 103.82 per litre in Hyderabad and Rs 98.80 per litre in Bengaluru.

Fuel prices had risen four times since the start of the US-Iran conflict, with the latest increase of around Rs 2.6 per litre for petrol and Rs 2.7 per litre for diesel announced last month. Overall, fuel prices have increased by approximately Rs 7.5 to Rs 8 per litre during the period, reflecting concerns over potential disruptions to global crude oil supplies.

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However, crude oil markets have recently shown signs of easing. Brent crude was trading near $78 per barrel after recording a sharp decline in the previous session, while West Texas Intermediate crude hovered above $74 per barrel. Market sentiment improved after Washington announced a 60-day waiver permitting certain sales of Iranian oil and petroleum products following what it described as productive discussions between US and Iranian representatives in Switzerland.

The easing of tensions has also helped reduce the financial burden on oil marketing companies. According to data released by the Ministry of Petroleum and Natural Gas, petrol under-recoveries have fallen by 83 percent to Rs 3 per litre from Rs 24 per litre recorded on April 1. Diesel under-recoveries have also declined significantly, dropping 75 percent to Rs 27 per litre from Rs 105 per litre.

Fuel prices in India are influenced by multiple factors, including international crude oil prices, the rupee-dollar exchange rate, transportation costs and taxes imposed by both the central and state governments. Variations in state-level VAT rates continue to be a key reason why petrol and diesel prices differ across cities despite being revised under a common pricing mechanism.

Also Read: Petrol, Diesel Prices Unchanged Despite Brent Crude Nearing $79 In Global Markets