The prices of petrol and diesel have remained unchanged on Monday, June 15. Ever since the US-Iran War began, fuel prices have been hiked for four times, with the latest increase of Rs 2.6 and Rs 2.7 per litre respectively announced last month. So far, prices have increased by Rs 7.5-8 since the start of the US-Iran war as global oil prices have soared due to ongoing conflict in the Middle East that has impacted oil marketing companies significantly.
State-owned oil firms incurred losses Rs 1,600-1,700 crore per day, over Rs 1 lakh crore in 10 weeks amid the crisis. Consumers are facing a sharp rise in fuel expenses once again, with petrol prices in several cities are set to touch the Rs 114-per-litre, revealing the widening gap in fuel costs across states.
Diesel prices on June 15
- Petrol price in Delhi : Rs 102.12/litre
- Petrol price in Kolkata : Rs 113.51/litre
- Petrol price in Mumbai : Rs 111.21/litre
- Petrol price in Chennai : Rs 108.01/litre
- Petrol price in Hyderabad: Rs 115.73/litre
- Petrol price in Bengaluru: Rs 110.89/litre
Diesel prices on June 15
- Diesel price in Delhi : Rs 95.20/litre
- Diesel price in Kolkata : Rs 99.82/litre
- Diesel price in Mumbai : Rs 97.83litre
- Diesel price in Chennai: Rs 99.66/litre
- Diesel price in Hyderabad : 103.82/litre
- Diesel price in Bengaluru: 98.80/litre
Global Crude Prices
Oil prices fell after U.S. President Donald Trump said Washington had completed an agreement with Iran that would reopen the Strait of Hormuz, a key route for global crude shipments.
WTI crude futures for July delivery dropped 4.77% to $80.83 a barrel, while Brent crude futures for August delivery fell about 4% to $83.77 a barrel.
The decline extended a broader retreat in oil prices as traders responded to signs that a prolonged disruption to energy flows through the Strait of Hormuz could ease.
"The Deal with the Islamic Republic of Iran is now complete," Trump said in a post on Truth Social. Hormuz would reopen without a toll system and the United States would end its naval blockade of Iran, he said.
What Drives Petrol and Diesel Prices?
Fuel prices in India depend on several factors, with global crude oil prices being the most significant as crude is the primary raw material used to produce petrol and diesel.
The rupee–dollar exchange rate also influences fuel prices since India imports a large portion of its crude oil requirements.
Additionally, central excise duty and state-level value added tax or VAT significantly affect the final retail price of petrol and diesel. This is why fuel rates differ across all cities.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
