As the geopolitical tension around West Asia is easing, crude prices in the international market have been coming down over the past week. Having said that, petrol and diesel prices in India are yet to see any significant changes.
On Tuesday, July 7, 2026, petrol and diesel prices remained unchanged despite movement in the global crude prices over the past week. State-run oil marketing companies such as IOCL, HPCL, BPCL did not change their fuel prices for the day.
Last Week, Oil Minister Hardeep Singh Puri said that bringing down fuel prices at this moment is not a legitimate idea they are pursuing.
The prices remain unchanged even after OPEC+ decided to raise the oil production by another 1,88,000 barrels per day starting from August 2026. This is the fifty consecutive monthly output increase decision taken by the apex organisation.
ALSO READ: OPEC+ To Ratify Planned Oil Quota Hike As Gulf Flows Resume
In the past four months of the US-Iran war, fuel prices were raised four times in India. Overall, the prices increased by around Rs 7.5-8 since the beginning of the war.
On July 7, petrol prices in Delhi stood at Rs 102.12 per litre while the diesel costs Rs 95.20 a litre.
Petrol prices on July 7
- 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 July 7
- 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 steadied on Tuesday after a tanker was reportedly struck by a projectile near the Strait of Hormuz, highlighting the risks that continue to hang over one of the world's most important energy shipping routes.
Brent crude held above $72 a barrel after a marginal decline in the previous session, while West Texas Intermediate traded near $69.
Crude prices fell 30% in the second quarter after Washington and Tehran agreed to an interim peace deal, easing fears of a major disruption to Middle East oil supplies.
What Drives Petrol and Diesel Prices?
Although fuel prices in India depend primarily on the international crude prices, there are other factors as well. Impact of taxes, freight cost, refining margins, and rupee-dollar exchange rate are some of the other important triggers for fuel price determination.
The Centre revised the export duties on petroleum products recently; however, this doesn't affect the retail fuel prices in India.
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