Petrol, Diesel Prices On June 29: Check Latest Fuel Rates Across Major Indian Cities

Petrol and diesel prices remained unchanged across major Indian cities on Monday, June 29, despite global crude oil prices hovering near $73 per barrel after geopolitical tensions between the United States and Iran showed signs of easing. Brent crude traded around $73 after both countries reportedly agreed to halt attacks and pursue diplomatic discussions, reducing concerns over potential disruptions to global oil supplies. The development has helped stabilise international oil markets after days of heightened volatility triggered by military action near the Strait of Hormuz, one of the world's busiest oil shipping routes.

Domestic fuel prices have remained steady even though international crude prices witnessed sharp swings in recent weeks. In Delhi, petrol continued to retail at Rs 102.12 per litre, while diesel remained at Rs 95.20 per litre. Petrol prices stood at Rs 113.51 per litre in Kolkata, Rs 111.21 in Mumbai, Rs 108.01 in Chennai, Rs 115.73 in Hyderabad and Rs 110.89 in Bengaluru. Diesel prices were unchanged at Rs 99.82 per litre in Kolkata, Rs 97.83 in Mumbai, Rs 99.66 in Chennai, Rs 103.82 in Hyderabad and Rs 98.80 in Bengaluru. Fuel rates vary from state to state because of differences in local taxes and value-added tax (VAT), even though the base price determined by oil marketing companies remains common across the country.

The recent stability follows a series of fuel price hikes after the outbreak of the US-Iran conflict. Since the conflict began, petrol and diesel prices have been revised upward four times, with the latest increase adding Rs 2.6 per litre to petrol and Rs 2.7 per litre to diesel. Overall, retail fuel prices have risen by around Rs 7.5 to Rs 8 per litre since the start of the conflict as higher global crude prices increased the cost of imports. However, the easing of geopolitical tensions has brought Brent crude back to levels seen before the conflict intensified, improving expectations that further price pressures may remain contained if the situation remains stable.

Also Read: Petrol, Diesel Prices Today: Check June 25 Fuel Rates As Brent Crude Falls

Data released by the Ministry of Petroleum and Natural Gas showed that the financial burden on oil marketing companies has eased considerably in recent months. Petrol under-recoveries have declined by 83%, falling to Rs 3 per litre from Rs 24 per litre recorded on April 1. Diesel under-recoveries have also reduced significantly, dropping 75% to Rs 27 per litre from Rs 105 per litre during the same period. Lower under-recoveries indicate that oil companies are recovering a larger share of their costs from retail fuel sales, helped by softer crude prices and previous retail price revisions. The improvement is expected to provide greater financial stability to fuel retailers if international oil prices remain within a moderate range.

Global oil prices recovered after reports suggested that Washington and Tehran had agreed to suspend military attacks and hold further talks in Doha aimed at preventing a wider regional conflict. The rebound followed a sharp decline in prices after fears of prolonged supply disruptions eased. Earlier, crude prices had surged after military strikes involving the two countries and an attack on a commercial oil tanker near the Strait of Hormuz raised concerns over the safety of one of the world's most critical energy transit routes. While markets remain sensitive to geopolitical developments, analysts believe diplomatic engagement could help limit further volatility unless fresh disruptions emerge.

Fuel prices in India are determined by multiple factors, with international crude oil prices playing the biggest role as crude is the primary raw material used to produce petrol and diesel. The rupee's exchange rate against the US dollar also affects the cost of imports because India relies heavily on overseas crude supplies. In addition, central excise duty, freight charges, dealer commissions and state-specific VAT contribute to the final retail price paid by consumers. As a result, petrol and diesel prices differ across cities even when oil marketing companies keep the base price unchanged. Consumers and businesses continue to closely monitor global crude trends, as sustained changes in international oil prices can eventually influence domestic fuel rates.

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