Global crude oil prices have jumped sharply amid fresh geopolitical tensions in the Middle East, raising concerns about energy supplies. However, Indian consumers have not seen any immediate impact at fuel stations, with petrol and diesel prices remaining unchanged across major cities on June 8.
The stability in domestic fuel rates comes even as Brent crude climbed above $96 per barrel following renewed hostilities involving Iran and Israel, which rattled global oil markets.
Crude oil rallies after fresh Middle East flare-up
International oil prices moved higher after Iran reportedly launched missiles at Israel, threatening a fragile ceasefire and reigniting fears of supply disruptions in the region. Investors are particularly concerned about the Strait of Hormuz, one of the world's most critical oil transit routes. Israel's military said it has launched retaliatory strikes on military targets in western and central Iran.
Brent crude rose above $96 per barrel during Asian trading, while US crude also registered strong gains. Analysts say any prolonged disruption in the region could keep oil prices elevated in the near term.
Why fuel prices in India have not changed
Despite the sharp rise in global crude prices, state-run oil marketing companies have not revised retail petrol and diesel rates. Fuel prices continue to remain steady in major Indian cities on June 8.
Domestic fuel pricing depends on several factors, including international crude rates, refining costs, taxes, transportation expenses and currency movements. As a result, changes in global oil prices do not always translate into immediate revisions at the pump.
Petrol and diesel prices in major cities today
Delhi
Petrol: ₹94.72 per litre
Diesel: ₹87.62 per litre
Mumbai
Petrol: ₹104.21 per litre
Diesel: ₹92.15 per litre
Kolkata
Petrol: ₹103.94 per litre
Diesel: ₹90.76 per litre
Chennai
Petrol: ₹100.85 per litre
Diesel: ₹92.44 per litre
Bengaluru
Petrol: ₹102.92 per litre
Diesel: ₹89.02 per litre
Hyderabad
Petrol: ₹107.46 per litre
Diesel: ₹95.70 per litre
Fuel rates across these cities remained unchanged despite volatility in the global energy market.
India launches E85 petrol at lower price
The government recently introduced E85 petrol, a fuel blend containing 85% ethanol. The new fuel is expected to be sold at around ₹20 per litre cheaper than E20 petrol, as part of India's push towards cleaner and more affordable transportation fuels.
The rollout is also expected to encourage the adoption of flex-fuel vehicles and reduce dependence on conventional petroleum products.
What consumers should watch
For now, Indian motorists have been insulated from the latest jump in crude oil prices. However, if geopolitical tensions continue to escalate and crude remains elevated for an extended period, pressure on domestic fuel prices could increase in the coming weeks.
Market participants will closely monitor developments in the Middle East, particularly around oil supply routes, which remain crucial to global energy security.
