Fuel prices across most Indian cities saw little movement on Tuesday, June 23, even as global crude oil prices edged higher following fresh developments surrounding the Strait of Hormuz, one of the world's most critical oil transit routes.
The rebound in crude prices comes after a sharp decline in the previous trading session, with investors closely watching progress in negotiations between the United States and Iran.
Crude oil rebounds on renewed market caution
According to a Reuters report, Brent crude futures rose 24 cents, or 0.38%, to trade at around $78.15 per barrel on June 23. Market sentiment has been influenced by hopes of a lasting US-Iran peace arrangement, though uncertainty continues to linger over the future of energy supplies passing through the Strait of Hormuz.
Commenting on the situation, KCM Trade chief market analyst Tim Waterer told Reuters, “There remains a prevailing dose of market scepticism, rooted in deep-seated mistrust between Washington and Tehran, suggesting that any return to pre-war oil prices is likely to be delayed rather than immediate.”
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He further said, “The market had priced in optimism around the roadmap and potential Strait of Hormuz reopening, but traders are now taking a more measured approach as they await concrete evidence that the deal will hold and traffic will normalise.”
Petrol and diesel rates in major cities
Retail fuel prices remained largely unchanged in several metro cities. Petrol was priced at ₹102.12 per litre in Delhi, ₹113.47 in Kolkata, ₹111.21 in Mumbai and ₹107.76 in Chennai. Among major cities, Bengaluru recorded a notable increase, with petrol rising by ₹1.07 per litre to ₹111.68.
Diesel prices also showed limited changes. The fuel continued to retail at ₹95.20 per litre in Delhi, ₹99.82 in Kolkata and ₹97.83 in Mumbai. Bengaluru saw diesel climb by ₹1.02 per litre to ₹99.56.
Crude oil gains amid Hormuz concerns; here's how petrol and diesel prices compare today. /ANI The current fuel rates follow the hike announced by oil marketing companies on May 25, when petrol and diesel prices were raised by over ₹2.50 per litre. That pushed cumulative increases to around ₹7.50 per litre for petrol and ₹7.60 per litre for diesel. As a result, fuel prices are now at their highest levels since May 2022, except for the ₹2 per litre reduction announced in March 2024.
RBI flags risks from geopolitical tensions
Meanwhile, the Reserve Bank of India's June Bulletin cautioned that India's growth outlook could face challenges if the US-Iran understanding weakens or if the southwest monsoon underperforms.
The article noted, “Any breakdown of the agreement may reignite material risks in terms of inflationary expectations, disrupted critical energy infrastructure, delayed investment spending, food security concerns, adverse financial stability outlook and structurally lower growth.”
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Despite global uncertainties, the bulletin highlighted that India's economy expanded by 7.8% in the fourth quarter of 2025-26, supported by strong private consumption and fixed investment. It also noted that inflation in personal care, social protection and miscellaneous goods and services remained elevated, while eight of twelve consumption categories recorded a sequential rise in inflation during May.
FAQs:
What is the petrol price in Kolkata today?
Petrol is priced at ₹113.47 per litre in Kolkata on June 23, marginally lower by 4 paise from the previous day.
What is the diesel price in Delhi today?
Diesel continues to retail at ₹95.20 per litre in Delhi on June 23, with no change in the latest revision.
