NEWS
Petrol and Diesel Prices Today: Fuel Rates Remain Unchanged Despite Decline in Global Crude Oil Prices
International crude oil prices have continued to soften following easing geopolitical tensions in the Middle East, raising expectations of a reduction in petrol and diesel prices in India. However, state-owned oil marketing companies have kept retail fuel prices unchanged, even as global benchmark crude trades significantly lower than recent highs.
While private fuel retailer Nayara Energy has announced a reduction in fuel prices, customers purchasing fuel from major public sector companies such as Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) are still paying the existing rates.
Here's a look at the latest fuel prices and the factors influencing them.
Crude Oil Prices Continue to Ease
Global oil markets remained under pressure on July 2, 2026.
According to market data:
- Brent Crude was trading at $71.12 per barrel, down 0.63% ($0.45).
- US West Texas Intermediate (WTI) crude stood at $68.02 per barrel, declining 0.82% ($0.56).
Market reports also indicate that WTI crude has fallen by nearly $31 per barrel over the past month, reflecting a sharp correction in international oil prices.
Despite this decline, retail fuel prices across most of India have not changed.
No Change in Fuel Prices Since May 25
Public sector oil marketing companies—including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL)—have maintained the same petrol and diesel prices since May 25, 2026.
Fuel prices also remained unchanged on July 2, extending the period of price stability despite fluctuations in global crude oil markets.
Fuel Prices Were Increased Four Times in May
Following the conclusion of assembly elections in five states, fuel prices were revised upward four times within an 11-day period during May.
Petrol Price Increases
- May 15: +₹3.00 per litre
- May 19: +₹0.87 per litre
- May 23: +₹0.87 per litre
- May 25: +₹2.61 per litre
Total increase: ₹7.35 per litre
Diesel Price Increases
- May 15: +₹3.29 per litre
- May 19: +₹0.91 per litre
- May 23: +₹0.91 per litre
- May 25: +₹2.71 per litre
Total increase: ₹7.82 per litre
No further revisions have been announced since those increases.
Petrol Prices in Major Cities (July 2, 2026)
| City | Petrol Price (Per Litre) |
|---|---|
| Delhi | ₹102.12 |
| Kolkata | ₹113.51 |
| Mumbai | ₹111.21 |
| Chennai | ₹107.77 |
| Noida | ₹102.12 |
| Chandigarh | ₹101.51 |
| Lucknow | ₹101.89 |
| Patna | ₹113.37 |
| Ranchi | ₹105.26 |
| Bhopal | ₹114.57 |
Diesel Prices in Major Cities (July 2, 2026)
| City | Diesel Price (Per Litre) |
|---|---|
| Delhi | ₹95.20 |
| Kolkata | ₹99.82 |
| Mumbai | ₹97.83 |
| Chennai | ₹99.55 |
| Noida | ₹97.56 |
| Chandigarh | ₹89.47 |
| Lucknow | ₹95.36 |
| Patna | ₹99.36 |
| Ranchi | ₹100.49 |
| Bhopal | ₹99.64 |
Nayara Energy Announces Fuel Price Cut
Unlike state-owned oil companies, Nayara Energy has announced a reduction in fuel prices with effect from July 1, 2026.
The company has reduced:
- Petrol prices by ₹5 per litre
- Diesel prices by ₹3 per litre
The move has renewed expectations that other fuel retailers may also consider price revisions if international crude oil prices remain lower.
Will Public Sector Oil Companies Reduce Prices?
Industry observers believe that any reduction in fuel prices by public sector oil marketing companies will depend on multiple factors, including international crude oil trends, exchange rates, inventory costs, and government policy decisions.
Although lower global crude prices generally improve the scope for retail price reductions, there has been no official announcement from IOC, BPCL, or HPCL regarding any revision in petrol or diesel prices.
Consumers are advised to monitor daily fuel price updates, as retail rates may change if oil marketing companies announce fresh revisions in response to market conditions.
