Petrol And Diesel Prices Remain Steady On June 15; Check Latest Rates In Major Cities

Petrol and diesel remained at their existing price levels in various cities of India on June 15 as oil marketing firms did not make any changes to their respective prices amid a steep fall in the prices of global crude oil.

Several changes have been made in fuel prices since the onset of the United States-Iran dispute, during which time the price levels for both petrol and diesel increased four times. The last change was that the price level for petrol was raised by ₹2.60 per litre while that of diesel was raised by ₹2.70 per litre.

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State-owned oil marketing companies have faced significant financial strain during the period. Industry estimates indicate daily losses of ₹1,600-1,700 crore, taking cumulative losses beyond ₹1 lakh crore over the past 10 weeks.

Petrol And Diesel Prices In Major Cities

Fuel prices continue to vary across states due to differences in local taxes, transportation costs and dealer commissions.

Crude Oil Extends Decline

International crude oil prices fell sharply in early trade after U.S. President Donald Trump announced that an agreement with Iran had been completed and that the Strait of Hormuz would reopen.

WTI crude futures for July delivery declined 4.77% to $80.83 per barrel. Brent crude futures for August delivery fell nearly 4% to $83.77 per barrel.

The Strait of Hormuz is one of the world’s most important oil transit routes, and concerns over potential disruptions had supported crude prices in recent months. The latest developments have reduced fears of supply constraints, leading to a broad pullback in oil markets.

According to Trump’s statement on Truth Social, the agreement would allow the reopening of the shipping route while ending the U.S. naval blockade of Iran.

Factors That Influence Fuel Prices

Retail fuel prices in India are linked to several factors, with international crude oil prices playing a central role because crude is the primary raw material used in refining petrol and diesel.

Similarly, the rupee-to-dollar exchange rate plays an important role in determining the cost of fuel since India is dependent on crude oil imports from abroad. Another cost component is also there which covers central excise duty, state VAT, freight cost & margin given to dealers.

Despite the fact that international crude prices have eased off lately, domestic fuel prices have been kept steady so far since oil marketing companies are still monitoring international developments.