Despite a fall in global crude oil prices due to improving geopolitical conditions and higher OPEC+ production, petrol and diesel prices in India remained unchanged. State-run oil companies did not pass on the relief to consumers.
Petrol and diesel prices remained unchanged across major Indian cities on Wednesday, July 8, even as global crude oil prices continued to ease following improving geopolitical conditions in West Asia and higher crude production by OPEC+. State-run oil marketing companies (OMCs), including Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd. (HPCL), did not revise retail fuel prices for the day.
The unchanged fuel prices come despite Brent crude and West Texas Intermediate (WTI) crude remaining lower than recent highs. While international oil prices have softened over the past week, consumers in India are yet to receive any relief at fuel stations.
Petrol and Diesel Prices on July 8, 2026
Last week, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that bringing down fuel prices at this stage is “not a legitimate idea” being pursued by the government. Meanwhile, OPEC+ has also decided to increase oil production by 188,000 barrels per day from August 2026, marking another monthly output hike aimed at supporting global supplies.
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In recent months, domestic fuel prices have risen significantly due to elevated crude prices during the US-Iran conflict. Overall, petrol and diesel prices have increased by around Rs 7.5-Rs 8 per litre over the past four months. However, daily retail prices have remained steady in recent days despite the decline in crude oil benchmarks.
Fuel prices in India are revised every morning based on the dynamic pricing mechanism. Apart from international crude oil prices, retail rates are influenced by factors such as central excise duty, state VAT, dealer commissions, freight costs, refinery margins and the rupee-dollar exchange rate. Since VAT differs across states, petrol and diesel prices vary from city to city.
Motorists are advised to check daily prices before refuelling, although no immediate revision has been announced. Market participants will continue to monitor global crude movements, geopolitical developments and production decisions by oil-producing nations for any future impact on domestic fuel prices.
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