Petrol and diesel prices remained unchanged on Thursday, June 25, as geopolitical tensions continue to ease following initial US-Iran peace talks. According to latest reports from NDTV Profit, petrol is priced at ₹102.12 per litre in Delhi, while diesel costs ₹95.20 per litre in the same city. The pricing stability comes after fuel prices had been hiked four times since the US-Iran War began, with the latest increase of ₹2.6 and ₹2.7 per litre respectively announced last month. Latest reports indicate that Brent crude prices have fallen to $72.48 per barrel, erasing most of the war premium as negotiations between Washington and Tehran continue with both sides signalling progress following their initial round of talks.
Markets tightened significantly as US-Iran talks continued amid Iran's threat to close the Strait of Hormuz, boosting oil prices and keeping the dollar firm amid rising global risk and FX volatility. However, with the war coming to a potential end soon, Brent crude prices have declined to $72.48 per barrel, with the benchmark falling more than 1.52% as a result of geopolitical tensions easing. One visible sign of easing tensions has been the increase in oil tankers openly transiting the Strait of Hormuz with their tracking systems switched on, suggesting shipping activity is gradually returning to normal after months of disruption. The United States granted Iran a 60-day sanctions waiver following initial peace talks, and officials reported a lull in hostilities in Lebanon under a broader agreement.
Fuel prices show significant variation across major Indian cities, as reported by NDTV Profit. Petrol prices range from ₹102.12 per litre in Delhi to ₹115.73 per litre in Hyderabad, while diesel varies from ₹95.20 per litre in Delhi to ₹103.82 per litre in Hyderabad. Mumbai records petrol at ₹111.21 per litre and diesel at ₹97.83 per litre, while Chennai sees petrol at ₹108.01 per litre and diesel at ₹99.66 per litre. Kolkata records the highest petrol price at ₹113.51 per litre and diesel at ₹99.82 per litre, while Bengaluru sees petrol at ₹110.89 per litre and diesel at ₹98.80 per litre. The price variations across cities reflect different tax structures and local market conditions.
Oil prices extended their decline on Thursday as improving supply conditions and optimism over a potential US-Iran peace agreement continued to weigh on the market. Brent crude dropped more than 1.52% to around $72.48 per barrel, while US benchmark West Texas Intermediate (WTI) fell 1.43% to about $69.3 a barrel. The latest decline follows a sharp 4% drop in the previous session, leaving Brent at its closing price before the US-Iran conflict began. The retreat comes as traders increasingly unwind the geopolitical risk premium that had driven oil prices sharply higher earlier this year, with the benchmark closing down 82 cents at $77.08 on Tuesday before the latest decline.
Oil manufacturing companies' under-recoveries have seen notable reductions, according to the latest data shared by the Ministry of Petroleum and Natural Gas, as reported by NDTV Profit. For petrol, under-recoveries are down 83% to ₹3 per litre from ₹24 per litre on April 1, while diesel's under-recoveries saw a 75% reduction to ₹27 per litre from ₹105 per litre. Since the start of the US-Iran War, prices have increased by ₹7.5-8 across fuel categories, with the latest increases of ₹2.6 and ₹2.7 per litre respectively announced last month. The reduction in under-recoveries indicates improved financial health for oil marketing companies amid the challenging market conditions.
