Petrol And Diesel Prices Unchanged On June 22 As Brent Crude Moves Back Above $82

Petrol and diesel prices across major Indian cities remained steady on Monday, June 22, despite a fresh rise in global crude oil prices amid renewed geopolitical concerns in West Asia.

Brent crude returned above the $82-per-barrel mark after U.S. President Donald Trump warned that Washington could take control of the Strait of Hormuz and impose tolls on oil shipments if necessary. The remarks came after Iran indicated that the strategic waterway had been shut following Israeli attacks in Lebanon and said progress in peace talks would depend on an end to hostilities.

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Domestic fuel prices, however, were left unchanged. According to the latest rates, petrol in Delhi continued to retail at ₹102.12 per litre, while diesel remained at ₹95.20 per litre.

Fuel Prices In Major Cities

Fuel prices have been revised upward four times since the outbreak of the U.S.-Iran conflict. The latest increase, announced last month, raised petrol prices by ₹2.60 per litre and diesel prices by ₹2.70 per litre. Overall, retail prices have risen by ₹7.50-₹8 per litre since the tensions began.

Under-Recoveries Continue To Narrow

Data released by the Ministry of Petroleum and Natural Gas showed that under-recoveries for oil marketing companies have eased significantly.

Under-recoveries on petrol have come down to ₹3 per litre against ₹24 per litre on April 1, a reduction of 83%. In the case of diesel, losses have come down to ₹27 per litre from ₹105 per litre, representing a decline of 75%.

Crude Oil Rebounds

Oil prices gained ground at the start of the week as geopolitical uncertainty resurfaced. Brent crude rose as much as 2.2% to trade above $82 a barrel, while West Texas Intermediate crude crossed the $78 mark.

The increase came despite diplomatic talks between U.S. and Iranian officials in Switzerland aimed at reducing tensions and restoring trade routes. Negotiations faced setbacks after Iranian media reported that discussions had been paused following Trump’s warning.

Factors Behind Fuel Pricing

Global crude oil prices remain the biggest determinant of petrol and diesel rates in India, as the country imports a large portion of its crude requirements.

The rupee-dollar exchange rate, central excise duty and state-level value-added tax (VAT) also influence retail fuel prices. Different cities have different fuel prices because of different local taxes. As oil prices rise again internationally, the energy market will watch closely how events in the Middle East affect global supplies.