The domestic fuel market in India has remained stable today, June 12, even as international crude oil prices experienced a notable decline. State-owned oil marketing companies have decided to keep the retail prices of petrol and diesel unchanged across major cities. This stability comes at a time when global geopolitical developments are shifting the dynamics of the energy market, while 21 per liter. Consumers across the country will have to pay the same rates as yesterday to refuel their vehicles.
Impact of US Decision on Global Oil Prices
A major decision by US President Donald Trump regarding Iran has Importantly altered the landscape of the international oil market. The United States announced the cancellation of a potential military strike against Iran, providing much-needed geopolitical relief to the global markets. 5 percent in the global market. Before this development, crude oil prices had seen a massive surge of nearly 50 percent since the beginning of the Iran conflict. The easing of tensions has now brought some cooling to the overheated energy prices.
Current Crude Oil Market Trends
The downward trend in crude oil prices has been evident since Friday morning. 03 dollars per barrel. 30 dollars per barrel. Despite this significant drop in international benchmarks, domestic oil marketing companies in India have not passed on the benefits to consumers at the petrol pumps yet.
Financial Strain on Oil Marketing Companies
The reason behind the stagnant domestic prices, despite the fall in crude oil, lies in the complex economic calculations of oil companies. The prolonged period of high international crude prices has severely impacted the profit margins of state-owned oil firms. According to estimates, oil companies are currently incurring a massive daily loss of approximately 750 crore on the sale of petrol, diesel, LPG, and Aviation Turbine Fuel (jet fuel). Market experts suggest that until these accumulated losses are recovered, the possibility of a direct price cut for consumers at the petrol pumps remains low.
City-wise Petrol and Diesel Rates
Fuel prices vary across different states due to local taxes and VAT.
- Delhi: Petrol 102.12 per liter, Diesel 95.20 per liter
- Kolkata: Petrol 113.51 per liter, Diesel 99.82 per liter
- Mumbai: Petrol 111.21 per liter, Diesel 97.83 per liter
- Chennai: Petrol 107.77 per liter, Diesel 99.55 per liter
- Noida: Petrol 102.12 per liter, Diesel 97.56 per liter
- Chandigarh: Petrol 101.51 per liter, Diesel 89.47 per liter
- Lucknow: Petrol 101.89 per liter, Diesel 95.36 per liter
- Patna: Petrol 113.37 per liter, Diesel 99.36 per liter
- Ranchi: Petrol 105.26 per liter, Diesel 100.49 per liter
- Bhopal: Petrol 114.57 per liter, Diesel 99.64 per liter
How to Check Latest Rates via SMS
Consumers can easily check the latest fuel prices in their city by sending a simple SMS. If you're a customer of Indian Oil (IOC), type RSP followed by your city code and send it to 9224992249. Bharat Petroleum (BPCL) customers can send the message to 9223112222. For Hindustan Petroleum (HPCL) customers, the message should be HPPRICE followed by the city code, sent to 9222201122. The specific city codes required for these messages are readily available on the official websites of the respective oil companies.