Petrol And Diesel Prices Today: Fuel Rates Hold Steady As Crude Oil Price Softens

Petrol and diesel prices across India remained unchanged on July 10, with state-owned oil marketing companies maintaining retail rates despite a decline in global crude oil price. Brent crude fell by more than 2% on Thursday to trade near $76 per barrel after concerns over a wider Middle East conflict eased following reports of continued dialogue between the U.S. and Iran.

Fuel Prices Stay Unchanged

Domestic fuel prices have not been revised since May 25, as oil marketing companies continue to keep retail rates stable. Although international crude oil price has witnessed volatility over the past week, there has been no immediate impact on petrol and diesel prices in India.

The recent decline in crude oil price came after shipping concerns in the Persian Gulf showed signs of easing and diplomatic efforts between Washington and Tehran resumed. While uncertainty around the temporary truce remains, markets reacted positively as both countries avoided further military escalation.

Petrol and Diesel Prices in Major Cities

Global Crude Oil Price Eases

According to Bloomberg, Brent crude oil price declined after market sentiment improved on expectations that diplomatic channels between the U.S. and Iran remained active despite recent military action. Tanker movement through the Persian Gulf also remained under close watch after disruptions earlier this week.
Warren Patterson, Head of Commodities Strategy at ING Groep NV in Singapore, told Bloomberg that the market continues to view the latest developments as a challenge to the ceasefire rather than a complete breakdown of negotiations. He added that ongoing discussions between Washington and Tehran have helped reduce immediate supply concerns.

Domestic Fuel Prices Remain Linked to OMC Decisions

Even though global crude oil price influences the cost of imported crude, retail petrol and diesel prices in India are revised by state-run oil marketing companies after considering several factors, including exchange rates, taxes and refining costs. As a result, short-term movements in international oil markets do not always translate into immediate changes in pump prices.

Separately, Aam Aadmi Party national convenor Arvind Kejriwal called for lower petrol and diesel prices, stating that reduced fuel costs could help ease inflation. His remarks came days after Union Petroleum and Natural Gas Minister Hardeep Singh Puri said oil marketing companies could consider revising retail fuel prices if international crude oil price remains stable over a sustained period.