Petrol, diesel prices today: Did Strait of Hormuz closure impact fuel rates in Bengaluru, Delhi, Mumbai, Kolkata?
Petrol and diesel prices today: Fuel prices stood stead on Sunday, 20 June even though brent crude edged higher to trade around $80 a barrel
Petrol and diesel prices today: Fuel prices stood stead on Sunday, 20 June even though brent crude edged higher to trade around $80 a barrel after renewed fighting in Lebanon. Prices tumbled about 8% this week following reopening on Strait of Hormuz but traffic through the waterway appeared to thin on Friday as Israel and Iran-backed Hezbollah militants clashed in Lebanon. Even though the Strait of Hormuz is closed again, the price of petrol and diesel stood in line with the latest price revision that came about on 25 May. Last month, state-run oil marketing companies (OMCs) made retail adjustments to transfer some of the burden of volatile global oil prices to consumers. The retail refiners implemented a cumulative increase of about ₹7.50 per litre in petrol and diesel prices in the wake of severe under-recoveries. Also Read | Oil prices to face renewed pressures after Iran closes the Strait of Hormuz The first hike of ₹3 took place on 15 May, marking the first increase in over four years. This was followed by three more revisions in the subsequent 10 days.
The disruption in energy supply chain due to blockade across the Strait of Hormuz is the primary cause of the volatility in oil prices. The Centre shielded the consumers against inflation and fuel price pressure for the first 78 days of the war before passing on part of the price shock. City-wise petrol prices on 21 June City Price Price Change New Delhi ₹ 102.12 0.00 Kolkata ₹ 113.47 -0.04 Mumbai ₹ 111.21 +0.03 Chennai ₹ 107.87 +0.10 Gurugram ₹ 102.80 -0.37 Noida ₹ 102.09 -0.03 Bengaluru ₹ 110.61 -0.32 Bhubaneswar ₹ 109.03 +0.22 Chandigarh ₹ 101.54 0.00 Hyderabad ₹ 115.69 -0.04 Jaipur ₹ 113.35 +0.69 Lucknow ₹ 101.92 +0.03 Patna ₹ 113.54 +0.08 Thiruvananthapuram ₹ 115.49 0.00 City-wise diesel prices on 21 June City Price Price Change New Delhi ₹ 95.20 0.00 Kolkata ₹ 99.82 0.00 Mumbai ₹ 97.83 0.00 Chennai ₹ 99.65 +0.10 Gurugram ₹ 95.47 -0.36 Noida ₹ 95.54 -0.02 Bengaluru ₹ 98.54 -0.26 Bhubaneswar ₹ 100.74 +0.22 Chandigarh ₹ 89.47 0.0 Hyderabad ₹ 103.82 0.00 Jaipur ₹ 98.39 +0.61 Lucknow ₹ 95.41 +0.05 Patna ₹ 99.54 +0.07 Thiruvananthapuram ₹ 104.41 +0.01 Hardeep Singh Puri reacts to softer crude prices Union Petroleum and Natural Gas Minister Hardeep Singh Puri while addressing a press conference on Saturday in Sonbhadra remarked that the increase in petrol and diesel prices in India has been limited, given the extreme volatility in global crude oil markets.
"If we look at the situation in real terms, there has been no increase in petrol and diesel prices in the country," PTI quoted Puri as saying. On easing of international crude oil prices, Puri said, “There are 193 countries in the United Nations and only Japan has seen a lower increase in petroleum prices than India.” He argued the overall increase in petrol and diesel prices had been limited to ₹7.60 as he compared current fuel prices with those prevailing during the Russia-Ukraine conflict that began in 2022, "there has actually been no increase." Referring to recent blockade of the Strait of Hormuz due to the West Asia war, the minister asserted that the government ensured that the burden was not passed on to consumers even though oil marketing companies were incurring losses of about ₹1,000 crore per day. Also Read | Tehran shuts Hormuz again citing Israeli strikes on Lebanon Over possibility of rate cut in fuel prices, he said, “At present, companies have stocks of crude oil bought at higher prices.
The BriefWire