State-run oil marketing companies have kept petrol and diesel prices unchanged across India on July 15, maintaining the rates introduced after the late-May hike despite continued volatility in global crude oil markets. Consumers in major cities, including Delhi, Mumbai, Chennai, Kolkata, Hyderabad, and Bengaluru, will continue to pay the same prices at the pump as international oil prices remain under pressure from geopolitical tensions in the Middle East.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) continue to follow the daily dynamic pricing mechanism, under which fuel prices are reviewed every morning based on changes in global crude oil prices and fluctuations in the rupee-dollar exchange rate. However, no revision has been announced for July 15. Last week, Union Petroleum and Natural Gas Minister Hardeep Singh Puri indicated that a reduction in domestic fuel prices was not feasible under the current global market conditions. Petrol and diesel prices in India have increased four times over the past four months, rising by around ₹7.50 to ₹8 per litre during the period.
The latest retail fuel prices in major cities are as follows: Petrol is priced at ₹102.12 per litre in Delhi, ₹113.43 in Kolkata, ₹111.12 in Mumbai, ₹107.75 in Chennai, ₹115.69 in Hyderabad, and ₹110.93 in Bengaluru. Diesel is retailing at ₹95.20 per litre in Delhi, ₹99.78 in Kolkata, ₹97.78 in Mumbai, ₹99.57 in Chennai, ₹103.82 in Hyderabad, and ₹98.79 in Bengaluru. Fuel prices differ across states due to variations in value-added tax (VAT), local levies, transportation costs, dealer commissions, and other state-specific charges.
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Global crude oil prices continued their upward momentum for a third straight session on Wednesday after US President Donald Trump warned of additional military action against Iran, intensifying concerns over crude supplies. Brent crude climbed towards $86 per barrel, while West Texas Intermediate (WTI) traded above $80 per barrel after gaining around 11% over the previous two sessions. Market sentiment was further affected by escalating tensions in the Strait of Hormuz, a vital shipping route that handles a significant portion of the world's oil exports.
The latest gains followed Trump's warning that the United States could continue striking Iranian targets and potentially target power plants and bridges if Tehran failed to return to negotiations. The renewed tensions came after Washington resumed its blockade of Iranian shipping through the Strait of Hormuz, heightening concerns over disruptions to global energy supplies. While international crude prices remain the biggest driver of retail fuel rates in India, domestic factors such as central and state taxes, freight charges, refining margins, and the rupee's exchange rate against the US dollar also influence pump prices. Although the Centre recently revised export duties on petroleum products, the move does not affect retail petrol and diesel prices for consumers.
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