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Despite a sharp decline in global crude oil prices this week, petrol and diesel prices across India remain unchanged. State-owned oil marketing companies have continued to keep retail fuel prices steady in major cities, offering no immediate relief to consumers even as international oil markets witness a significant correction.

The fall in crude oil prices comes after supply concerns eased following the movement of cargo vessels through the Strait of Hormuz, reducing fears of disruptions in global energy supplies. However, domestic fuel prices have not been revised, with Indian oil companies maintaining the existing retail rates.

If you're planning to refuel your vehicle today, here's a detailed look at the latest petrol and diesel prices along with the reasons behind the current market trend.

Global Crude Oil Prices Continue to Decline

International crude oil prices weakened on June 26, extending losses for the week as supply concerns eased in the global market.

According to the latest market data:

• Brent Crude Futures fell 0.56% to $74.84 per barrel.

• West Texas Intermediate (WTI) crude declined 0.50% to $71.56 per barrel.

Market reports indicate that both Brent and WTI crude benchmarks are on track to register weekly losses of nearly 7%, largely due to improving supply conditions and reduced geopolitical concerns affecting oil transportation routes.

Lower international crude prices generally create expectations of cheaper fuel, although domestic retail prices do not always change immediately.

Why Haven't Fuel Prices Changed?

Even though crude oil prices have declined globally, petrol and diesel prices in India continue to remain stable.

Retail fuel prices are determined by multiple factors, including:

• International crude oil prices.

• Exchange rate between the Indian Rupee and the US Dollar.

• Central and state taxes.

• Freight and transportation costs.

• Dealer commissions.

• Pricing decisions by Oil Marketing Companies (OMCs).

As a result, changes in global crude prices may not immediately translate into lower prices at fuel stations.

Latest Petrol and Diesel Prices Across Major Cities

Here are today's fuel prices in key Indian cities:

City Petrol (₹/Litre) Diesel (₹/Litre)

New Delhi	₹102.12	₹95.20
Kolkata	₹113.51	₹99.82
Mumbai	₹111.21	₹97.83
Chennai	₹107.76	₹99.55
Gurugram	₹102.97	₹95.64
Noida	₹101.96	₹95.44
Bengaluru	₹111.68	₹99.56
Bhubaneswar	₹108.97	₹100.68
Chandigarh	₹101.54	₹89.47
Hyderabad	₹115.69	₹103.82
Jaipur	₹113.19	₹98.25
Lucknow	₹101.86	₹95.36
Patna	₹113.37	₹99.36
Thiruvananthapuram	₹115.49	Diesel price varies as per the latest local update

Why Fuel Prices Differ Across Cities

Fuel prices are not identical throughout India because state governments levy different rates of Value Added Tax (VAT) and other local taxes.

Other factors influencing city-wise fuel prices include:

• Local VAT rates.

• Transportation and freight costs.

• Dealer commissions.

• State-specific surcharges.

• Operational expenses.

This is why petrol and diesel prices can vary even when supplied by the same oil marketing companies.

Will Petrol and Diesel Become Cheaper?

The recent decline in global crude prices has renewed speculation about the possibility of lower retail fuel prices in India.

However, there has been no official announcement from oil marketing companies regarding any reduction in petrol or diesel prices. Future revisions will depend on international oil market trends, exchange rates, taxation policies, and overall pricing decisions by the government and oil companies.

Consumers are advised to monitor official fuel price updates before expecting any immediate reduction at retail outlets.

Key Takeaway

Although international crude oil prices have fallen sharply this week, petrol and diesel prices in India remain unchanged. Oil marketing companies have kept fuel rates stable across major cities despite the decline in Brent and WTI crude prices. Since domestic fuel prices are influenced by taxes, exchange rates, freight costs, and government policies in addition to global crude prices, consumers may have to wait for an official revision before seeing any reduction at petrol pumps.