Crude Oil Price Today, June 30, 2026: Despite the drop in crude oil prices, petrol and diesel prices in the country are not decreasing. This is causing concern to the general public. Now, even oil companies are making profits of between 5 and 7 rupees.

Crude oil prices are lower than before

Crude Oil: Crude oil prices fell in international markets today. Brent crude oil fell more than 1% to $72.40 per barrel. Meanwhile, WTI crude oil fell 0.83% to $70.16 per barrel.

Reports of progress in peace talks between the US and Iran in Doha have averted the supply risk through the Strait of Hormuz. This has led to a decline in crude oil prices today. However, despite the lower crude oil prices, fuel prices in the country remain stable. Petrol prices are still selling above the ₹100 per liter mark in metropolises like Delhi, Mumbai, Kolkata, and Chennai. Diesel prices are also in the range of ₹95 to ₹99 per liter.

Companies making profits

State-owned oil companies (OMCs), which suffered losses during the US-Iran tensions and global uncertainty, are now turning a profit. With crude oil prices falling to $72.40 per barrel, they are earning profits of ₹5-7 per liter on petrol sales. As crude oil prices fall, companies' profits will increase.

Meanwhile, brokerage firm JP Morgan said that state-owned oil marketing companies (OMCs) are expected to see further profitability improvements as falling crude oil prices strengthen fuel marketing margins. However, rising debt pressure and uncertainty about future fuel taxes have limited their long-term earnings prospects.

Last month, in May, crude oil prices reached $100-120 per barrel due to tensions in West Asia. This resulted in oil companies incurring huge losses of ₹12 per liter on petrol and ₹21 per liter on diesel.

Why are petrol and diesel prices not decreasing?

Despite a surge in crude oil prices during the heightened tensions in the Middle East, companies kept petrol and diesel prices stable for a long time. Now that companies are generating profits, they are using them to reduce debt and previous losses. It's not that companies are buying oil yesterday and selling it today; the petrol currently available at the pump has likely been imported at a higher price. Unless new stocks of cheaper crude are supplied, prices are unlikely to decline.

When will the price decrease?

According to Petroleum Minister Hardeep Singh Puri, if the peace talks between the US and Iran in Doha are successful and the prices of crude oil in the global market remain below $70 per barrel for a long time, then there may be a relief of Rs 2-3 per liter in the price of petrol and diesel in the coming months.