Gasoline and diesel prices today: Has fuel become cheaper after the US-Iran deal? Check Fuel Price in Bengaluru, Delhi, Mumbai | Today’s news

Petrol and Diesel Prices Today: Fuel prices remained almost unchanged today since the last major revision that took place last month on May 25. State-owned oil marketing companies (OMCs) have absorbed much of the price shock from fluctuating global energy prices. Increased oil prices have led to severe shortfalls in profits due to geopolitical tensions and conflicts in West Asia.

However, open methods of coordination have recently undergone retail adjustments to shift some of the burden to consumers. After a roughly 78-day freeze to protect consumers, the state’s retailers introduced a cumulative increase of o ₹7.50 per liter last month. The first hike from ₹3 took place on May 15, the first increase in more than four years, followed by three more revisions in the following 10 days. Supply chain disruptions along the Strait of Hormuz are the primary cause of oil price volatility.

Oil prices continue to fall as US-Iran deal closes

On Thursday, oil prices extended their slide after the easing of geopolitical tensions and the completion of a peace deal between the US and Iran. US President Donald Trump signed the document at the Palace of Versailles near Paris, where he dined with French President Emmanuel Macron. Brent crude futures, the primary global benchmark, were down 1.12%, or 89 cents, at $78.66 a barrel after news of the reopening of the Strait of Hormuz.

The Strait of Hormuz will be reopened, traffic will be restored to full capacity

The 14-point memorandum, which addresses the largest energy disruption in history, begins a 60-day negotiation period during which Iran will allow free navigation through the Persian Gulf. The deal requires the US and its partners to come up with a $300 billion plan to finance Iran’s reconstruction. The tentative agreement calls for the restoration of Lebanon’s territorial integrity in the face of an Israeli invasion against the Hezbollah militant group.

Once world leaders conclude the 2026 G7 Summit, the agreement calls for full resumption of traffic in the strait within 30 days. Pakistan’s Prime Minister Shehbaz Sharif announced the completion of the X Peace Agreement, writing: “Today the historic ‘Islamabad Memorandum of Understanding’ between the United States of America and the Islamic Republic of Iran was electronically signed. The memorandum was signed by the honorable presidents of both countries and I also supported it as a mediator.”

As Brent crude and the US dollar index retreated further from their elevated levels on Wednesday, the rupee gained 10 paise to close at 94.50 against the US dollar. According to forex traders, the rupee opened positively as Brent crude fell below $79 per barrel.

“We expect the rupee to trade on a positive bias amid upbeat sentiments in global markets and softening oil prices. A weaker US dollar and softer US Treasury yields may also support prices,” Mirae Asset ShareKhan research analyst Anuj Choudhary was quoted as saying by PTI.