Key facts
- Indian petrol and diesel prices remained unchanged on June 15, 2026.
- Global crude oil prices fell sharply, with Brent crude dropping below $84 per barrel.
- State-run oil marketing companies have maintained steady fuel rates since May 25.
- The decline in crude oil prices was attributed to reports of a breakthrough in Iran-US negotiations.
- Domestic fuel prices have not yet reflected the fall in international crude oil costs.
Fuel prices across India remained unchanged on June 15, 2026, despite a significant drop in global crude oil prices following reports of a breakthrough in Iran-US negotiations. State-run oil marketing companies (OMCs) have kept petrol and diesel rates steady since May 25, as they focus on recovering from previous price hikes and managing exchange rate fluctuations.
The decline in crude oil prices was triggered by US President Donald Trump's announcement of a finalized Iran agreement, which eased concerns over supply disruptions from the Middle East. International benchmark Brent crude fell over 4% to around $83.75 per barrel, while US West Texas Intermediate (WTI) crude slipped nearly 5% to $80.87 per barrel, marking their lowest levels since March.
Despite the sharp correction in crude prices, domestic fuel rates have not been revised. Petrol prices in Delhi stand at ₹102.12 per litre, and diesel at ₹95.20 per litre. Prices vary across major metro cities due to differing Value Added Tax (VAT) rates and other local taxes.
Industry experts suggest that oil marketing companies are still in a recovery phase from earlier spikes in global crude prices and exchange rate volatility. Fuel prices had seen four separate increases in May, with cumulative revisions pushing petrol prices up by over ₹7 per litre in many cities.
Market participants are closely monitoring global oil price trends. A continued softening of crude prices could lead to potential reductions in domestic fuel rates, though no official indication has been provided.