Petrol and diesel prices today: Did OMC revise fuel prices in Delhi, Mumbai and other cities after Nayara Energy’s price cut? | Today’s news

Petrol and Diesel Prices Today: Fuel prices in India were little changed on Thursday, July 2, despite a cooling in Brent crude prices. Easing geopolitical tensions in West Asia dragged down aviation turbine fuel (ATF) and commercial LPG prices. Oil marketing companies saw their first cut in almost 4 months, cutting ATF prices by approx ₹5 per liter and reduce commercial LPG rates by 19 kg ₹183.50 per cylinder.

Commercial LPG that will touch the record once ₹3,113 last month, now it will cost ₹2,930 per cylinder. At the same time, the rate of 5 kg bottles with preferential or free trade on LPG (FTL) was also reduced by ₹13 to ₹808.50 per 5kg cylinder. Nayara Energy also announced a price revision for petrol and diesel on Wednesday, becoming the first retailer in more than two years to cut petrol station rates as oil prices returned to pre-war levels. He reduced the prices of petrol and diesel ₹5 a ₹3 per liter.

With this price adjustment, all 7,000 gas stations of the Rosneft-backed company will charge adjusted rates. The move by India’s largest private retailer comes nearly a fortnight after the signing of a Memorandum of Understanding (MoU) between Iran and the US on June 17 and the subsequent opening of the Strait of Hormuz, a key channel for 20% of global oil and gas trade.

Oil softens as flows through Strait of Hormuz resume

Oil prices fell for a third day as flows through the Strait of Hormuz resumed following progress in indirect talks between the US and Iran. Brent settled below $72 on Wednesday after falling 3% in the previous two sessions as it extended losses after its worst quarter since 2020, according to Bloomberg.

Washington and Tehran are trying to turn a temporary truce into a permanent peace during a 60-day negotiation period, although the two countries exchanged strikes over the weekend. US President Donald Trump on Wednesday welcomed the Qatari meetings after his son-in-law Jared Kushner and Ambassador Steve Witkoff discussed the technicalities of the original deal with Qatari Emir Sheikh Tamim Bin Hamad Al-Thani in Doha.

Without specifying whether there had been a breakthrough, Trump said: “They had very good meetings and we’ll see. We’ve been hitting them hard for three nights, as you know, but we’re getting along very well, so I call it denuclearization and it’s all happening,” Bloomberg reported.

According to Qatari mediators, the next meeting will be scheduled as soon as possible after the funeral rites for former Iranian Supreme Leader Ali Khamenei. Processions are planned from July 4 to 9 through Tehran, Qom and Mashhad.

MST Marquee senior energy analyst Saul Kavonic said: “Oil prices continue to fall as a surge of oil leaking from the Strait of Hormuz coincides with SPR discharges and limited demand as the Iran-US flare-up remains contained, at least for now,” noting the country’s millions of barrels of strategic oil reserves tapped to replace lost oil supplies.