Petrol and diesel prices remained unchanged across India on Tuesday, June 30, despite continued fluctuations in global crude oil markets driven by geopolitical developments in West Asia. The decision to keep domestic fuel prices steady comes even as Brent crude traded near $73 per barrel after easing from recent highs, reflecting improved market sentiment following the de-escalation of the US-Iran conflict. However, uncertainty over shipping through the Strait of Hormuz and fresh diplomatic developments between Washington and Tehran continue to keep global oil markets on edge.

According to the latest fuel price revision, petrol in Delhi is retailing at ₹102.12 per litre, while diesel is priced at ₹95.20 per litre. In Mumbai, petrol costs ₹111.21 per litre and diesel ₹97.83 per litre. Kolkata has recorded petrol at ₹113.51 per litre and diesel at ₹99.82 per litre, while Chennai's rates stand at ₹108.01 for petrol and ₹99.66 for diesel. Among the major metropolitan cities, Hyderabad continues to have the highest petrol price at ₹115.73 per litre, with diesel retailing at ₹103.82 per litre. In Bengaluru, petrol is priced at ₹110.89 per litre and diesel at ₹98.80 per litre. Oil marketing companies (OMCs) have not announced any revision in retail fuel prices despite movements in international crude markets.

Fuel prices had increased four times during the recent US-Iran conflict as fears of supply disruptions pushed global crude prices sharply higher. The latest hike, announced last month, raised petrol prices by ₹2.60 per litre and diesel prices by ₹2.70 per litre. Overall, retail fuel prices have risen by approximately ₹7.50 to ₹8 per litre since the conflict began. Although crude oil prices have moderated in recent sessions, OMCs have maintained existing retail prices while continuing to monitor global market trends. According to the Ministry of Petroleum and Natural Gas, the financial burden on OMCs has eased considerably, with petrol under-recoveries declining by 83 per cent to ₹3 per litre from ₹24 as of April 1. Diesel under-recoveries have also fallen by 75 per cent, dropping to ₹27 per litre from ₹105 during the same period.

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Global crude oil prices remained firm on Tuesday as investors tracked the latest diplomatic developments involving the United States and Iran. Brent crude for September delivery traded above $73 per barrel after gaining 1.8 per cent in the previous session, while West Texas Intermediate (WTI) crude hovered near $70 per barrel. Market participants are closely watching negotiations expected in Doha after US President Donald Trump announced that talks with Iran would take place. However, Tehran has denied that direct negotiations are planned, saying it will only send a technical delegation. Adding to market uncertainty, Iran has reiterated its intention to play a greater role in managing shipping through the Strait of Hormuz, one of the world's most strategically important oil transit routes, raising concerns over future energy supplies.

Retail fuel prices in India are influenced by several domestic and international factors. Global crude oil prices remain the biggest determinant because India imports nearly 85 per cent of its crude oil requirements. The rupee's exchange rate against the US dollar also affects import costs, with a weaker rupee making crude purchases more expensive. In addition, central excise duty, state-level value-added tax (VAT), dealer commissions and freight charges all contribute to the final retail price paid by consumers. Since VAT rates differ across states, petrol and diesel prices vary from one city to another. While easing crude prices have offered some relief to oil companies, any future revision in domestic fuel prices will depend on sustained stability in global markets, currency movements and government policy decisions in the coming weeks.

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