Petrol, Diesel Prices Hold Steady On June 2; Check Rates In Major Cities

Petrol and diesel prices were largely unchanged across the country on Tuesday, June 2, after oil marketing companies (OMCs) implemented multiple fuel price increases during the second half of May. The latest revision came on May 25, when petrol and diesel prices were raised by more than ₹2.50 per litre, taking cumulative increases since May 15 to nearly ₹7.50 per litre.

The fuel prices have reached their highest levels since May 2022 with the latest hikes, nullifying much of the relief offered by the ₹2-per-litre cut announced in March 2024. In Delhi, petrol is currently priced at ₹102.12 per litre, while diesel costs ₹95.20 per litre.

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Petrol And Diesel Prices In Major Cities

Among major metropolitan centres, Kolkata continued to record the highest petrol price at ₹113.51 per litre, while Mumbai’s petrol rate stood at ₹111.21 per litre. Diesel prices remained above ₹97 per litre in Mumbai and Bengaluru.

The May 25 revision marked the fourth fuel price increase within less than two weeks. Petrol prices were raised by ₹2.61 per litre and diesel by ₹2.71 per litre during the latest revision. In Delhi, petrol climbed from ₹99.51 to ₹102.12 per litre, while diesel increased from ₹92.49 to ₹95.20 per litre.

Global Oil Prices Remain Elevated

International crude oil prices hovered near recent highs amid uncertainty over developments in the Middle East. According to Reuters, Brent crude futures rose 6 cents to $95.04 per barrel in early Asian trading on Tuesday, while U.S. West Texas Intermediate (WTI) crude futures slipped 17 cents to $91.99 per barrel.

Crude benchmarks had surged more than 5% in the previous session amid concerns over potential supply disruptions linked to tensions involving Iran and the security of the Strait of Hormuz, a key global oil shipping route.

Developments In Middle East In Focus

Global energy markets are also tracking diplomatic developments involving the U.S., Iran, Israel and Hezbollah. Reuters reported that U.S. President Donald Trump said discussions with Iran were continuing despite reports from Iran’s Tasnim news agency that indirect negotiations had been suspended.

Trump also stated following a conversation with Israeli Prime Minister Benjamin Netanyahu, that efforts were underway to reduce hostilities between Israel and Hezbollah. Netanyahu later confirmed the discussion but reiterated that Israel would continue military operations in southern Lebanon while responding to any security threats.

Fuel price movements in India are closely linked to trends in global crude oil markets, making international developments a key factor influencing future revisions in domestic retail fuel rates.