Fuel and brent crude prices had been pushed higher across the board on supply concerns during the US-Iran war. However, on Tuesday, brent crude hovered near $73 after Iran signalled it wants a greater role in managing shipping through the Strait of Hormuz, one of the world's most critical energy chokepoints.
Iranian Deputy Foreign Minister Kazem Gharibabadi said Tehran would continue with plans to oversee traffic through the strait if Oman chose not to jointly manage the waterway, highlighting persistent differences ahead of the negotiations.
However, the prices of petrol and diesel have remain unchanged on Tuesday, June 30.
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 war.
Oil manufacturing companies' (OMCs) under-recoveries have also seen a notable reduction, as per the latest data shared by the Ministry of Petroleum and Natural Gas on Monday. For petrol, the under-recoveries are down 83% to Rs 3 per litre from Rs 24 per litre on petrol, as on April 1. While diesel's under-recoveries saw a 75% reduction to Rs 27 per litre from Rs 105 per litre.
In Delhi, petrol is priced at Rs 102.12 per litre, while diesel costs Rs 95.20 per litre on June 30.
Petrol prices on June 30
- 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 30
- 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 held on to gains on Tuesday as investors closely tracked upcoming US-Iran talks in Doha, with fresh disagreements over control of the Strait of Hormuz clouding hopes of a lasting resolution to the four-month conflict.
Brent crude for September delivery traded above $73 a barrel after climbing 1.8% in the previous session, while West Texas Intermediate (WTI) hovered near $70 a barrel.
The latest gains came after Iran signalled it wants a greater role in managing shipping through the Strait of Hormuz, one of the world's most critical energy chokepoints.
The talks are expected to begin in Doha today. While Washington has said negotiations will take place, Iran's foreign ministry said it would only send a delegation of technical experts and ruled out direct talks, underscoring the fragile nature of the diplomatic process.
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.
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