Fuel prices remained unchanged on June 30 despite crude oil prices recovering to $73 per barrel. According to reports from NDTV Profit, petrol prices in Delhi stand at ₹102.12 per litre, while diesel costs ₹95.20 per litre. The pricing stability comes after four consecutive hikes since the US-Iran war began, with the latest increase of ₹2.6 and ₹2.7 per litre respectively announced last month. Since the war started, fuel prices have increased by ₹7.5-8 per litre overall.
Brent crude prices fell to $73 per barrel on Tuesday as geopolitical tensions eased, as reported by NDTV Profit. However, on Monday, brent crude hovered near $73 as US and Iran agreed to halt attacks. The recovery comes after heightened tensions saw the US strike Iranian military targets in retaliation for Tehran's attack on a commercial vessel near the Strait of Hormuz, one of the world's most critical oil shipping routes. Oil prices rebounded after reports that the United States and Iran had agreed to halt attacks, with Brent crude rising as much as 1.9% to $73.39 per barrel. Latest reports indicate that WTI crude oil prices fell nearly 4% to around $69 per barrel, the lowest level since February 27, as shipping activity through the Strait of Hormuz recovered, easing supply constraints from the Middle East.
Oil manufacturing companies' (OMCs) under-recoveries have seen significant reduction, according to the latest data shared by the Ministry of Petroleum and Natural Gas on Monday. As reported by NDTV Profit, for petrol, under-recoveries are down 83% to ₹3 per litre from ₹24 per litre on petrol as of April 1. Diesel's under-recoveries saw a 75% reduction to ₹27 per litre from ₹105 per litre. This reduction in under-recoveries indicates improved financial position for oil marketing companies.
According to NDTV Profit reports, petrol prices vary significantly across major Indian cities on June 30. Kolkata has the highest petrol price at ₹113.51 per litre, followed by Hyderabad at ₹115.73 per litre and Mumbai at ₹111.21 per litre. Chennai and Bengaluru both have petrol prices at ₹108.01 and ₹110.89 per litre respectively. Diesel prices show similar variations, with Hyderabad at ₹103.82 per litre, Kolkata at ₹99.82 per litre, and Mumbai at ₹97.83 per litre. Chennai and Bengaluru have diesel prices at ₹99.66 and ₹98.80 per litre respectively.
