Petrol & Diesel Prices Today — July 1: How expensive is fuel in Bengaluru, Delhi, Mumbai, Kolkata, Hyderabad and other cities? | Today’s news
Petrol and Diesel Prices Today: Fuel prices in India remained steady on Wednesday, July 1, despite fluctuations in Brent crude amid a tense interim ceasefire between the US and Iran. Brent futures jumped 50 cents, or 0.69%, to settle at $73.45 a barrel after Tehran refused to meet with US envoys.
Oil prices have fallen sharply in recent days as the warring countries continue discussions to reach a more permanent deal. But recent attacks around the Strait of Hormuz, a critical waterway through which 20% of the world’s oil and gas flows, have scuttled the talks. Since the recent escalation of hostilities over the weekend, oil tanker traffic through the strait is now showing signs of recovery, Reuters reported.
US President Donald Trump’s son-in-law Jared Kushner and envoy Steve Witkoff arrived in Doha on Tuesday for “high-level” talks, but Iranian Foreign Ministry spokesman Esmaeil Baghaei said no meeting at any level with the US side was planned. Iran has dimmed the prospects for lasting peace between the two countries, saying US envoys would meet with mediators rather than the Iranians themselves.
Fuel prices on Wednesday were in line with the last price revision that came on May 25. More than a month ago, state-owned oil marketing companies (OMCs) made numerous retail adjustments to pass on some of the burden of fluctuating global oil prices to consumers, making a cumulative increase of around ₹7.50 per liter of petrol and ₹7.60 in diesel prices due to severe underutilization.
Effective July 1, the Center has lifted restrictions on the purchase of petrol and diesel by industrial, commercial and institutional consumers. The limits were originally imposed as an emergency measure to manage fuel supplies due to the war in West Asia and the blockade of the Hormuz waterway. The withdrawal of the June 12 order means curbs have been lifted from oil marketing companies and fuel retailers, who were asked to limit bulk purchases from petrol pumps for up to 90 days.
Center revises export duty on petrol, diesel, ATF
With global oil volatility easing and domestic logistics stabilizing, the Center has updated the Special Additional Excise Duty (SAED) on fuel exports. The finance ministry on Tuesday issued an order announcing revised export duties on petrol, diesel and aviation turbine fuel (ATF) for a fortnight starting July 1. However, excise duty on petrol and diesel sold in India remains unchanged.
According to the official statement, the export duty on gasoline is set at ₹4 per liter and for diesel at ₹8.5 per liter. Road and Infrastructure Tax (RIC) remains zero in both cases. Notification No. 37/2026 regulates the SAED for the export of ATF to ₹7.5 per litre, which is the latest change after the June 16 revision.
India has also expanded the list of countries exempted from this export duty and extended this exemption to Mauritius and Maldives in addition to Nepal, Bhutan, Bangladesh and Sri Lanka.
