Fuel prices in India remained unchanged on June 13 across major cities, offering consumers a pause after cumulative hikes of nearly ₹7.50 per litre since mid-May. Oil companies maintained current rates despite global crude oil market volatility and geopolitical concerns impacting energy supplies.
The stability in Indian fuel prices provides temporary relief to consumers and businesses, while the global oil price decline offers a potential precursor to further domestic price softening. However, ongoing geopolitical risks in West Asia and the Strait of Hormuz continue to pose a threat to energy supply chains and price stability.
Fuel prices in India remained steady on June 13, offering consumers a brief respite after cumulative price increases of nearly ₹7.50 per litre since mid-May, which brought rates to over two-year highs. Oil marketing companies (OMCs) have kept retail fuel rates unchanged despite ongoing volatility in the global crude oil market and geopolitical concerns affecting energy supply routes, particularly around the Strait of Hormuz.
Petrol in Delhi was priced at ₹102.12 per litre, with prices varying across other cities due to local taxes and transportation costs. For instance, Mumbai recorded ₹111.18 per litre, and Bengaluru saw ₹108.35 per litre.
The recent fuel price hikes were attributed to disruptions in global energy markets stemming from tensions in West Asia. India's heavy reliance on imported energy from Gulf countries makes it susceptible to supply chain impacts from regional instability.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri expressed optimism that fuel prices could soften in the coming months if global crude oil prices continue to decline. He noted that India has sufficient fuel stocks and is exploring additional energy supplies from countries like Canada and the United States to enhance energy security. However, he cautioned that escalating geopolitical tensions could lead to renewed price increases.
Global oil prices experienced a five percent drop on Friday, with Brent North Sea crude falling to $85.86 a barrel and West Texas Intermediate (WTI) declining to $83.32 a barrel, driven by hopes of de-escalation in the Middle East and potential reopening of the Strait of Hormuz.
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