Petrol, diesel prices today: Did fuel get cheaper after US-Iran deal? Check fuel cost in Bengaluru, Delhi, Mumbai
Petrol and diesel prices today: Fuel prices remained largely unchanged today since the last major revision that cam about last month on 25 May. State-run
Petrol and diesel prices today: Fuel prices remained largely unchanged today since the last major revision that cam about last month on 25 May. State-run oil marketing companies (OMCs) have been absorbing major part of the price shock due to fluctuations in global energy prices. Elevated crude prices have led to severe under-recoveries driven by geopolitical tensions and West Asia conflicts. However, recently OMCs made retail adjustments to transfer some of the burden to consumers. Following a roughly 78-day freeze to shield consumers, state-owned retailers implemented a cumulative increase of about ₹7.50 per litre last month. The first hike of ₹3 took place on 15 May, the first increase in over four years, which was followed by three more revisions in the subsequent 10 days. The supply chain disruption along the Strait of Hormuz is the primary cause of the volatility in oil prices.
Crude oil prices decline further as US-Iran deal sets in On Thursday, oil prices extended their slump following easing of geopolitical tensions and finalisation of US-Iran peace deal. US President Donald Trump signed the document at the palace of Versailles near Paris, where he had dinner with French President Emmanuel Macron. Brent crude futures, the primary global benchmark, declined by 1.12% or 89 cents and stood at $78.66 a barrel after news of reopening of the Strait of Hormuz. Also Read | Gift Nifty to US Fed policy: 10 key things that changed for market overnight Check fuel cost in your city on 18 June City Petrol Price Diesel Price New Delhi ₹ 102.12 ₹ 95.20 Kolkata ₹ 113.47 ₹ 99.82 Mumbai ₹ 111.18 ₹ 97.83 Chennai ₹ 107.88 ₹ 99.65 Gurugram ₹ 102.80 ₹ 95.47 Noida ₹ 102.42 ₹ 95.86 Bengaluru ₹ 110.89 ₹ 98.80 Bhubaneswar ₹ 109.22 ₹ 100.92 Chandigarh ₹ 101.54 ₹ 89.47 Hyderabad ₹ 115.73 ₹ 103.82 Jaipur ₹ 112.66 ₹ 97.78 Lucknow ₹ 101.92 ₹ 95.41 Patna ₹ 113.35 ₹ 99.36 Thiruvananthapuram ₹ 115.49 ₹ 104.40 Strait of Hormuz to be reopened, traffic to be restored to full capacity Resolving the largest energy supply disruption in history, the 14-point memorandum begins a 60-day negotiation period during which Iran will allow toll-free passage through the Gulf Strait.
The agreement requires US and its partners to come up with a $300 billion plan to finance Iran's recovery. The preliminary accord calls for restoration of Lebanon’s territorial integrity in the face of Israel’s invasion against the Hezbollah militant group. As the world leaders wrap up G7 Summit 2026, the deal calls for full restoration of traffic through the strait within 30 days. Pakistani Prime Minister Shehbaz Sharif announced the finalisation of peace deal on X and wrote, “he historic ‘Islamabad Memorandum of Understanding’ has been electronically signed today between the United States of America and the Islamic Republic of Iran. The Memorandum has been signed by honourable Presidents of both the countries and also endorsed by me as the mediator.” As Brent crude oil prices and the US dollar index retreated further on Wednesday from their elevated levels, the rupee appreciated 10 paise and closed at 94.50 against the US dollar.
The BriefWire