Petrol And Diesel Prices Today: Fuel Rates Hold Steady Across Major Cities On July 7

Petrol and diesel prices remained unchanged across India on Tuesday, July 7, with state-owned oil marketing companies maintaining retail fuel rates despite recent movement in the crude price in international markets. Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) kept fuel prices unchanged across metro cities and other major urban centres.

The latest revision comes even as the crude price has eased over the past week following reduced geopolitical tensions in West Asia. However, there has been no corresponding reduction in domestic fuel prices. Last week, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said the government was not considering a reduction in retail fuel prices at this stage.

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Petrol And Diesel Prices On July 7

Global Crude Price Remains In Focus

Global crude price movements continued to attract attention after reports that a tanker was struck by a projectile near the Strait of Hormuz, underscoring the strategic importance of one of the world’s busiest energy shipping routes.

Brent crude price remained above $72 per barrel after a marginal decline in the previous session, while U.S. West Texas Intermediate traded close to $69 per barrel.

Oil prices have, however, fallen sharply from recent highs. During the second quarter, the crude price declined about 30% after Washington and Tehran reached an interim peace agreement, easing concerns over potential disruptions to Middle East oil supplies.

Separately, OPEC+ has decided to increase oil production by another 188,000 barrels per day from August 2026. The latest move marks the group’s fifth consecutive monthly production increase. Despite higher output and softer global oil prices, retail fuel rates in India have remained unchanged.

Domestic Fuel Prices Remain Unchanged

Fuel prices in India were revised upward four times during the period of the U.S.-Iran conflict over the past four months. Combined, petrol and diesel prices increased by around ₹7.5-₹8 per litre during that period.

Retail fuel prices are influenced primarily by the international crude price, but other factors also determine the final rates paid by consumers. These include central and state taxes, freight charges, refinery margins and fluctuations in the rupee against the U.S. dollar.

Although the Centre recently revised export duties on petroleum products, the move does not directly affect retail petrol and diesel prices. With oil marketing companies continuing to maintain existing rates, consumers across major cities will see no change in fuel prices on July 7 while global crude price movements remain under close watch.