Petrol and diesel prices in India remained unchanged on June 30, providing temporary relief after multiple recent hikes. This pause coincided with easing global crude oil prices due to reduced geopolitical tensions. Despite this stability, prices had previously risen by about Rs 7.5-8 per litre.
Petrol and diesel prices across India remained unchanged on Tuesday, June 30, providing temporary relief to consumers after multiple fuel price hikes over the past few weeks. Oil Marketing Companies (OMCs) kept retail fuel rates steady even as global crude oil prices eased following signs of reduced geopolitical tensions in the Middle East.
Brent crude, which had surged amid supply concerns triggered by the US-Iran conflict, slipped closer to its pre-war level of around $73 per barrel. The decline came as tensions showed signs of easing, although uncertainty persists over the future management of the Strait of Hormuz, a vital global oil transit route. Investors continue to monitor developments ahead of fresh diplomatic talks involving Iran.
Despite softer crude prices, Indian fuel prices have not been revised. Since the outbreak of the US-Iran conflict, petrol and diesel prices have been increased four times, with the latest revision adding Rs 2.6 per litre for petrol and Rs 2.7 per litre for diesel. Overall, fuel prices have climbed by approximately Rs 7.5-8 per litre during the period.
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Petrol and Diesel Prices Today (June 30)
Meanwhile, the Ministry of Petroleum and Natural Gas has reported a significant improvement in OMC finances. Petrol under-recoveries have dropped by 83%, falling from Rs 24 per litre to Rs 3 per litre since April 1, while diesel under-recoveries have declined 75%, from Rs 105 per litre to Rs 27 per litre. The improvement reflects easing pressure on fuel retailers as crude prices stabilize.
In another development, the Centre has decided to lift temporary restrictions on petrol and diesel sales from July 1, citing improved global supply conditions and lower crude prices. The move is expected to restore normal fuel availability for commercial buyers and retail consumers alike.
Also Read: How India’s Energy Resilience Averted a Crisis During Hormuz Disruption