Oil Prices Fall After US-Iran Peace Deal. Check Petrol Prices Today In Delhi, Mumbai And Other Cities

Global crude oil prices fell sharply on June 15 after reports of a US-Iran peace deal and plans to reopen the Strait of Hormuz, a critical shipping route carrying one-fifth of the world’s oil supplies. Brent crude dropped nearly 5% to around $83 per barrel, while US benchmark WTI crude fell over 5% to approximately $80 per barrel. The decline follows months of supply concerns that had pushed prices higher, easing pressure on energy-importing nations like India. However, India’s petrol and diesel prices remained unchanged on June 15, maintaining stability since a Rs 3-per-litre increase in May. Retailers have not revised pump prices despite the global price drop, as oil marketing companies continue to assess market conditions before adjustments. The government has also restricted bulk fuel purchases from retail stations, further limiting price fluctuations. The Strait of Hormuz’s potential reopening could improve oil supply flows, reduce shipping costs, and ease disruption fears. Market participants anticipate increased stability in global energy markets if the deal proceeds, though India’s domestic fuel pricing remains detached from immediate crude price movements. Current petrol prices in major Indian cities include Rs 102.12 per litre in Delhi, Rs 111.21 in Mumbai, and Rs 113.47 in Kolkata, while diesel ranges from Rs 95.20 in Delhi to Rs 99.82 in Kolkata. Despite global trends, domestic fuel costs are influenced by refining expenses, taxes, currency fluctuations, and dealer commissions, not just crude prices. India imports most of its crude oil, making exchange rates a key factor in fuel pricing. Oil marketing companies weigh inventory costs and market demand before adjusting retail prices, ensuring domestic rates do not always reflect global trends. The current stability offers relief to consumers amid volatile international oil markets.