Petrol & Diesel Prices June 3: Check Fuel Price in Delhi, Mumbai, Bengaluru, Kolkata & Other Cities Today | Today’s news
Fuel prices were stable on Wednesday, June 3, following the latest price hike on Monday, May 25, when oil marketing companies (OMCs) increased the price of both petrol and diesel by more than ₹2.50 per liter. Notably, the cumulative price hike since May 15 has almost increased the cost of fuel ₹7.5 per liter.
Fuel prices in India are at their highest level since May 2022 after remaining largely frozen for more than two years. ₹A reduction of 2 per liter in March 2024.
War in West Asia affects fuel prices
That’s because the latest increase was the fourth such move in less than two weeks, due to a delayed transmission amid soaring global oil prices in the wake of the war in West Asia.
The war in West Asia disrupted global energy supplies, including supplies to India. Due to the three-month-long conflict, 40% of India’s oil imports, 65% of its natural gas and 90% of its LPG supplies, which came from countries in the Persian Gulf region, were disrupted.
Change in petrol and diesel prices
Gasoline prices have risen ₹2.61/litre and diesel would ₹2.71/litre on May 25 in their fourth such hike.
In Delhi, petrol prices rose to ₹102.12/liter from ₹99.51/litre while diesel climbed to ₹95.20/liter from ₹92.49/liter.
Check out the full city petrol and diesel price list below:
Oil advances as US-Iran peace talks stall
Oil rose for a third day amid the breakdown of peace talks between the United States and Iran and Israeli attacks on Lebanon, according to a June 3 Bloomberg report.
He added that Brent climbed to $97 a barrel, while West Texas Intermediate was near $95 after adding more than 7% in the first two sessions of the week.
US President Donald Trump said he was still optimistic about a peace deal with Tehran, dismissing reports that talks had stalled because of fighting in Lebanon, he added. However, the report said uncertainty over the extension of the current ceasefire and access to the Strait of Hormuz meant that oil prices had started to rise again. Oil prices fell in May on optimism about the deal.
The delay has raised concerns about oil stocks as countries await the full opening of exports from the Persian Gulf, the report said.
Price volatility forced dealers to limit their risk exposure and pushed open interest – the total number of futures contracts that have not been closed, liquidated or delivered – in global benchmark Brent to its lowest level since August. In the US, an industry report showed crude inventories fell by 6.8 million barrels last week.
(With inputs from Bloomberg)
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