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Petrol-Diesel Rates on June 22: Petroleum Minister Hardeep Singh Puri has indicated that fuel prices could decrease once cheaper crude oil reaches India. However, this may take some time. Speaking at a press conference in Uttar Pradesh, Puri said, "Companies currently hold stocks of crude oil purchased at higher prices; once crude oil bought at lower rates reaches them, there is a possibility of a price reduction."

He further added, "Despite the global energy crisis amidst the tense atmosphere involving the US, Israel, and Iran, fuel prices in India have remained largely stable and are in a better position compared to other countries." Puri explained that to prevent a rise in domestic petrol and diesel prices, the government cut excise duties in November 2021, May 2022, and again in 2026, effectively absorbing a revenue loss of ₹10 per liter. He also noted that, so far, the increase in petrol and diesel prices has been limited to approximately ₹7.60 per liter.

What are the prices today?

How are petrol and diesel prices determined in the country?

In India, petrol and diesel prices are determined based on international crude oil rates, the rupee-dollar exchange rate, the base price, taxes, and dealer commissions.

Oil companies determine a base price by aggregating the cost of crude oil, refining expenses, freight charges, and their own profit margins. Subsequently, heavy taxes and commissions are levied before the fuel reaches the customer, accounting for approximately 50–55% of the retail price. State governments levy VAT on this at their own rates. Additionally, petrol pump owners receive a fixed commission per litre to cover their expenses and profits. A final price is arrived at by aggregating all these components.