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

Retail petrol and diesel prices remained unchanged across India on Wednesday, 15 July, despite a sharp rise in the global crude oil price. State-run oil marketing companies (OMCs) kept fuel rates unchanged in major cities, even as Brent crude gained for the third straight session following escalating tensions involving the U.S. and Iran. Since domestic fuel prices are revised by OMCs based on multiple factors, movements in the global crude oil price do not immediately affect retail rates.

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

Open Account Now

Petrol And Diesel Prices In Major Cities

Apart from these cities, petrol price stood at ₹107.76 per litre in Chennai, ₹102.97 in Gurugram and ₹101.96 in Noida. Diesel price was ₹99.55 per litre in Chennai, ₹95.64 in Gurugram and ₹95.44 in Noida. The unchanged retail rates came even as the international crude oil price recovered further after recent geopolitical developments.

Crude Oil Price Extends Gains

Brent crude, the global benchmark, settled at $86.19 a barrel at 0029 GMT, up 1.72% after recording strong gains over the previous two trading sessions. The crude oil price has recovered to its highest level in around a month after earlier declining sharply during the second quarter.

The latest rally followed renewed military action between the U.S. and Iran. The USA has slapped sanctions on the Iranian ports as well as launched attacks, while the Iranians responded by launching attacks on U.S. assets in Bahrain and Kuwait. These events have led to fears regarding the safety of oil transportation in the Strait of Hormuz, an important international trade route for oil exports.

Trump Withdraws Hormuz Transit Fee Proposal

According to statements made by U.S. President Donald Trump on social media and later in an interview reported by Bloomberg, the proposed 20% reimbursement fee on transit through the Strait of Hormuz has been withdrawn. Trump said the proposal would instead be replaced by trade and investment agreements involving Gulf nations and the U.S., citing planned investments as the reason for the change.

E20 Petrol Issue Gains Political Attention

Separately, Aam Aadmi Party chief Arvind Kejriwal wrote to Prime Minister Narendra Modi seeking a meeting on concerns surrounding E20 fuel. In his letter, Kejriwal called for a reduction in E20 petrol prices and proposed that consumers should be allowed to choose between conventional petrol and ethanol-blended fuel.

While the global crude oil price remains sensitive to geopolitical developments, retail petrol price and diesel price across India continue to remain stable under the current pricing mechanism followed by OMCs. Domestic consumers are therefore seeing no change in pump prices despite volatility in international energy markets.