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Petrol-Diesel Rates: Union Minister Hardeep Singh Puri stated that retail fuel prices will not increase, and any reduction in prices will depend on fluctuations in global crude oil rates.

Petrol-Diesel Rates Today (July 3): There has been no change in petrol and diesel prices today. In the national capital, Delhi, the price of petrol stands at ₹102.12 per litre and diesel at ₹95.20 per litre. Similarly, in Mumbai, petrol is priced at ₹111.18 per litre and diesel at ₹97.83 per litre.

Following the move by the country's largest private fuel retailer, Nayara Energy, to cut petrol prices by ₹5 per litre and diesel prices by ₹3 per litre, expectations are now rising that state-owned oil companies might also lower their rates.

When did Nayara raise prices?

Nayara Energy had increased petrol prices by ₹5 per litre and diesel prices by ₹3 per litre on March 26, following the conflict between the US and Iran and the resulting rise in global crude oil prices. Later, in May, state-owned oil marketing companies (OMCs) raised petrol and diesel prices by a total of ₹7.50 per litre, citing high international crude oil prices and rising import costs.

City-wise petrol and diesel prices today

#WATCH | Delhi | Union Minister for Petroleum and Natural Gas Hardeep Singh Puri explains the dynamics behind fuel pricing and whether the prices will go down further. pic.twitter.com/NjgtRjkTgA

— ANI (@ANI) July 2, 2026

When will petrol and diesel become cheaper?

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stated on Thursday that there would be no hike in petrol and diesel prices in the country for the time being. He noted that the government has managed the impact of rising global crude oil prices.

When asked when petrol and diesel prices might decrease, the Union Minister explained that changes in international crude oil prices do not immediately reflect in retail fuel prices because the processes of procurement, transportation, and refining take time. He explained that the crude oil used to produce the petrol and diesel currently being sold at fuel stations was purchased about two months ago, when international prices were higher. Responding to expectations of a price drop, the minister stated that the government would monitor global crude oil prices over the coming weeks. If prices remain at this level, the situation will be reviewed every 10 to 15 days.