The reopening of the Strait of Hormuz has caused a major slowdown in the international crude oil market. Due to the US-Iran agreement, for the first time since March, Brent crude oil has fallen below the critical level of $ 80 per barrel. However, we may still have to wait for relief in India’s petrol and diesel prices. On Wednesday, June 17, 2026, government oil companies did not make any change in the price of fuel in the domestic market. Crude oil may have become cheaper in the global market, but the prices at petrol pumps in India have remained the same since May 25.
Impact of US-Iran agreement visible
Amidst the long-running geopolitical tension, the US-Iran reconciliation has given great relief to the market. Movement of merchant ships has resumed in the Strait of Hormuz. During the Iran war, the prices of crude oil had jumped by almost 50 percent, which have now started cooling down. On Wednesday morning, Brent crude was trading at $ 79.53 per barrel, while WTI crude was trading at $ 76.62 per barrel. This decline is an indication that the global supply chain is gradually returning to normal.
There was inflation shock four times in May
Last month was very heavy for domestic consumers. As soon as the assembly elections in five states were over, government petroleum companies had increased fuel prices four times in just 11 days. The prices were increased on 15 May, 19 May, 23 May and again on 25 May 2026. during this time petrol and diesel prices A significant increase was recorded. At present, the price of one liter petrol in Delhi is Rs 102.12, while in the financial capital Mumbai it is at the level of Rs 111.21.
Today’s prices of petrol and diesel
| City | Petrol price Rs per liter | Diesel price Rs per liter |
| Delhi | 102.12 | 95.20 |
| Kolkata | 113.51 | 99.82 |
| Mumbai | 111.21 | 97.83 |
| Chennai | 107.77 | 99.55 |
| Noida | 102.12 | 97.56 |
| Chandigarh | 101.51 | 89.47 |
| Lucknow | 101.89 | 95.36 |
| Patna | 113.37 | 99.36 |
| Ranchi | 105.26 | 100.49 |
| Bhopal | 114.57 | 99.64 |
Oil companies are still incurring huge losses
The direct answer to why the prices of petrol and diesel are not decreasing in the country despite crude oil being cheap, lies in the balance sheets of the oil companies. Sujata Sharma, Joint Secretary, Petroleum Ministry, had recently clarified that Oil Marketing Companies (OMCs) are still incurring a loss of Rs 3 on the sale of every liter of petrol. This loss on diesel is Rs 27 per liter. Due to selling fuel below cost, companies are incurring a loss of around Rs 600 crore every day. The only thing of relief is that this loss has reduced significantly as compared to April.
Check latest price through SMS sitting at home
Fuel prices are stable today in major cities of the country. Petrol is being sold at Rs 113.51 per liter in Kolkata, Rs 107.77 in Chennai, Rs 102.12 in Noida, Rs 101.89 in Lucknow and Rs 113.37 per liter in Patna. You can also know these rates which are updated every morning at 6 am from your mobile. Indian Oil customers can write ‘RSP’ and send it to 9224992249. BPCL customers can get the latest price of their city by typing ‘HPPRICE’ on 9223112222 and HPCL customers by sending SMS to 9222201122.
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