Petrol And Diesel Prices Hold Steady On June 24 As Brent Crude Stays Near $77

Prices of petrol and diesel remained stable in India on June 24 even as crude oil prices have been high. Oil marketing companies have not revised retail fuel rates after the last increase announced on May 25, when petrol and diesel prices were raised by around ₹7.50 and ₹7.60 per litre, respectively.

Brent crude remained near $77 a barrel on Tuesday as developments around U.S.-Iran negotiations and improving shipping activity through the Strait of Hormuz eased concerns over supply disruptions.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Fuel Prices In Major Cities

Bengaluru recorded a decline of ₹0.75 per litre in petrol and ₹0.76 per litre in diesel. Lucknow witnessed a marginal increase, while prices in most other cities remained unchanged.

Crude Prices Ease As Strait Of Hormuz Traffic Improves

Crude oil prices softened further after more tankers resumed passage through the Strait of Hormuz, a key route handling nearly one-fifth of global oil trade. The U.S. and Iran have signalled progress in talks aimed at formally ending hostilities, with Washington granting a 60-day waiver on certain sanctions related to Iranian oil.

The easing of tensions has led to expectations of additional crude supplies returning to the market. Oil futures have retreated sharply from their wartime highs, while buyers are closely monitoring the pace at which Iranian exports could resume.

Iran and Oman also announced plans to work on a framework for administering traffic through the Strait of Hormuz and managing transit-related services.

Macquarie Lowers Brent Price Outlook

Macquarie Group has reduced its average Brent crude forecasts for the next two years, citing expectations of normalisation in oil flows from the Persian Gulf. The investment bank cut its 2026 Brent estimate to $77 a barrel from $89 and lowered its 2027 projection to $64 from $74.

Despite recent declines in crude prices, the Indian basket remains elevated compared with levels seen earlier this year. Since fuel prices in India are influenced by international crude prices, exchange rates and domestic taxes, retail rates continue to vary across states and cities.

Market participants will continue to track developments in West Asia and the pace of oil supply normalisation, as these factors remain important for the direction of global energy prices and domestic fuel costs.