
Petrol and diesel prices remained unchanged across India on Wednesday, June 10, even as global crude oil prices climbed following renewed military tensions in West Asia. State-owned oil marketing companies chose to maintain retail fuel rates despite an increase in international crude benchmarks, providing temporary relief to consumers after a series of recent hikes.
The latest stability comes after fuel prices were raised four times in May. Following the conclusion of assembly elections in five states, oil companies increased petrol and diesel prices on May 15, May 19, May 23 and May 25. These revisions pushed fuel costs significantly higher in several cities within just 11 days. Since the last hike in May, however, rates have remained unchanged.
Note: Fuel prices vary across states due to differences in VAT, local taxes and transportation costs. Oil marketing companies revise petrol and diesel prices daily at 6 am based on global crude oil trends and currency fluctuations.
The rise in crude oil prices remains a key concern. Brent crude was trading around $92.36 per barrel during early trade on Wednesday, while WTI crude hovered near $89.05 per barrel. India’s crude basket also witnessed an increase, reaching approximately $97.19 per barrel. Analysts attribute the latest rally to escalating geopolitical tensions in the Middle East, which have heightened concerns over supply disruptions.
Industry estimates suggest that rising crude prices are putting pressure on oil marketing companies, with daily losses on petrol, diesel, LPG and aviation fuel reportedly running into hundreds of crores of rupees. Despite these challenges, fuel retailers have not announced any fresh revision in pump prices so far. Consumers can continue checking daily fuel rates through SMS services offered by major oil companies, with prices updated every morning at 6 am.
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