Petrol And Diesel Prices On July 8: Fuel Rates Stay Unchanged Across Major Cities

Petrol and diesel prices remained unchanged across India on Wednesday, July 8, despite renewed volatility in the crude price in the international market. State-owned oil marketing companies, including Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL), kept retail fuel rates unchanged for the day.

Last week, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said the government was not considering a reduction in retail fuel prices at present. Domestic rates have remained steady even after OPEC+ decided to increase oil production by 1,88,000 barrels per day from August 2026, marking the group’s 50th consecutive monthly production increase.

Petrol And Diesel Prices In Major Cities

Over the past four months, retail fuel prices in India have been revised upward four times amid developments linked to the U.S.-Iran conflict, resulting in a cumulative increase of about ₹7.5-8 per litre. Even so, the latest movement in the crude price has not translated into any change in domestic fuel rates.

Crude Price Rises On Fresh Middle East Tensions

Global crude price advanced on Wednesday after the U.S. announced military strikes on Iranian targets, raising concerns over energy supply disruptions in the Middle East.

Brent crude rose as much as 2.8% to trade above $76 a barrel, while U.S. benchmark West Texas Intermediate (WTI) climbed above $72 a barrel.

The escalation followed U.S. action in response to attacks on commercial vessels near the Strait of Hormuz. Iranian media reported explosions on an island close to the strategic waterway, while Tehran signalled that it would respond. The U.S. Treasury also revoked a sanctions waiver that had allowed limited Iranian oil exports under last month’s interim peace arrangement, tightening restrictions on the country’s crude shipments.

What Determines Retail Fuel Prices?

The retail petrol and diesel prices in India are largely driven by the movement in international crude prices. However, the final rates paid by consumers also depend on factors such as central and state taxes, refining costs, freight charges and the rupee’s exchange rate against the U.S. dollar.

Although the Centre recently revised export duties on certain petroleum products, the changes do not directly affect retail fuel prices. Oil marketing companies continue to review domestic fuel rates based on a combination of global oil market trends and other pricing components, while consumers across major cities continue to pay unchanged prices on July 8.