Petrol, Diesel Rates Today: Check Latest Fuel Prices Across Major Indian Cities
Fuel prices remain unchanged across major Indian cities today.
Petrol and diesel prices across major Indian cities remained unchanged on June 19 despite a sharp decline in global crude oil prices following signs of easing geopolitical tensions in the Middle East. Fuel rates had surged in recent months amid concerns over potential supply disruptions caused by the conflict between the United States and Iran. However, market sentiment improved after US President Donald Trump confirmed that he had signed a memorandum of understanding (MoU) with Iran, paving the way for a reduction in hostilities and easing fears of prolonged disruptions to global oil supplies.
The decline in tensions has had an immediate impact on international crude markets. Brent crude was trading near $79 per barrel on Friday and was headed for its steepest weekly decline in months, shedding more than 9 per cent during the week. Meanwhile, West Texas Intermediate (WTI) crude hovered around $75 per barrel. The fall in prices came as shipping activity gradually resumed through the Strait of Hormuz, a strategically vital route for global energy trade. Traders have since unwound much of the risk premium that had been built into oil prices during the conflict, resulting in crude surrendering most of the gains recorded since fighting escalated earlier this year.
Despite the decline in global oil prices, retail fuel rates in India remained steady. In Delhi, petrol continued to be sold at Rs 102.12 per litre, while diesel was priced at Rs 95.20 per litre. Petrol prices stood 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 were 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.
Also Read: Petrol, Diesel Prices Unchanged Despite Brent Crude Nearing $79 In Global Markets
Fuel prices had witnessed four successive hikes since the outbreak of the US-Iran conflict, with the most recent increase amounting to Rs 2.6 per litre for petrol and Rs 2.7 per litre for diesel. Overall, petrol and diesel prices have risen by around Rs 7.5 to Rs 8 per litre since the beginning of the conflict. However, the financial burden on oil marketing companies (OMCs) has eased significantly in recent weeks as international crude prices retreated from their highs.
According to the latest data released by the Ministry of Petroleum and Natural Gas, under-recoveries on petrol have declined by 83 per cent to Rs 3 per litre from Rs 24 per litre recorded on April 1. Diesel under-recoveries have also narrowed sharply, falling 75 per cent to Rs 27 per litre from Rs 105 per litre. The improvement reflects lower crude oil costs and easing pressure on fuel retailers, although the benefits have not yet translated into lower pump prices for consumers.
Fuel prices in India are influenced by several factors beyond international crude oil rates. The rupee-dollar exchange rate plays a crucial role because India imports a significant portion of its crude oil requirements. In addition, central excise duty and state-level value-added tax (VAT) contribute substantially to the final retail price paid by consumers. Since VAT rates vary across states, petrol and diesel prices differ from one city to another. Market participants will continue to monitor global crude trends and government policy decisions for indications of any future changes in retail fuel prices.
Also Read: Petrol, Diesel Prices Remain Unchanged Across Major Cities On June 15
