Retail prices of petrol and diesel largely remained unchanged on June 10 with the exception of a few paise. Fuel prices have been hiked for four times since the last month, with the latest increase of Rs 2.6 and Rs 2.7 per litre respectively announced the previous week. 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.
In Delhi, petrol is priced at Rs 102.12 per litre, while diesel costs Rs 95.20 per litre. State-owned oil firms are incurring losses Rs 1,600-1,700 crore per day, over Rs 1 lakh crore in 10 weeks amid the crisis. Indian 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.
Petrol prices on June 10
- Petrol price in Delhi : Rs 102.12/litre
- Petrol price in Kolkata : Rs 113.47/litre
- Petrol price in Mumbai : Rs 112.21/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 10
- 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 Oil Prices
Crude oil prices edged higher to trade over $92 per barrel on June 10 after US launched 'self defence' strikes against Iran, in retaliation for the downing of a US Army Apache helicopter near the Strait of Hormuz. The slight uptick comes after the Brent crude benchmark dropped 3% to hit a seven-week low on Tuesday after Iran and Israel said they had halted attacks on each other following an appeal from US President Donald Trump.
Brent crude futures last traded 0.9% higher at $92 in early hours on Wednesday after sharply dropping $2.80, or 3.0%, to settle at $91.45 per barrel on June 9. US West Texas Intermediate (WTI) crude slid $3.10, or 3.4%, to settle at $88.20. It was the lowest settlement for the Brent gauge since April 17 and for WTI since May 29. It was also the first time since January that Brent closed below its 100-day moving average of technical support, according to news agency Reuters.
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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 VAT significantly affect the final retail price of petrol and diesel, which is why rates differ across cities.
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