Retail prices of petrol and diesel 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.
On June 9, however, prices of petrol and diesel have remained largely unchanged, with the exception of a few paise.
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 9
- Petrol price in Delhi : Rs 102.12/litre
- Petrol price in Kolkata : Rs 113.51/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 9
- 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
Oil prices steadied on Tuesday after Israel and Iran agreed to halt attacks against each other, reducing fears of a broader escalation that could have further disrupted global energy supplies.
Brent crude traded near $94 a barrel after ending the previous session marginally higher, while US benchmark West Texas Intermediate hovered above $91 a barrel.
The move came after Israeli Prime Minister Benjamin Netanyahu said Israel would refrain from further military action against Iran unless Tehran launched fresh attacks. Iranian media reports indicated a similar willingness to maintain the ceasefire, offering markets a degree of reassurance after days of heightened tensions.
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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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