Petrol & Diesel Prices on June 4: Check Fuel Price in Delhi, Mumbai, Bengaluru, Kolkata & Other Cities Today | Today’s news
Fuel prices were stable on Thursday, June 4, following the latest price hike on Monday, May 25, when oil marketing companies (OMCs) hiked 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. ₹Reduction of 2 per liter in March 2024.
War in West Asia affects fuel prices in India
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:
Petrol and diesel prices in major cities on June 4: The complete list can be found here
Oil falls amid Israel-Lebanon tentative truce
Oil prices eased a bit after a three-day gain on news of a conditional ceasefire between Israel and Lebanon, according to a Bloomberg report. He noted that Brent crude fell to $97 a barrel, while West Texas Intermediate (WTI) was near $96, after adding nearly 10% in the first three sessions of the week.
Notably, the ceasefire is conditional on a “complete cessation” of fire from Hezbollah, according to statements by both countries and the United States, the report added.
While the US and Iran agreed on a “rough” framework for extending their own ceasefire by two months and reopening the Strait of Hormuz, the report added that final details were dragging on even as fighting continued and sometimes intensified. “No tangible progress has been made” in the talks and Iran is ready to target targets inside Israel if its attacks on Beirut continue, the semi-official Tasnim news agency quoted the Islamic Republic’s foreign minister as saying.
Robert Rennie, head of commodities research at Westpac Banking Corp, told Bloomberg that while a cease-fire between Israel and Lebanon could reduce near-term risks to rising oil prices if the vital Strait of Hormuz remains technically closed, Brent crude is likely to climb as high as $130 in the fourth quarter as global inventories decline. “The market is asleep at the wheel even as we move quickly towards aggressive tightening in oil and commodity markets,” Rennie added.
(With inputs from Bloomberg)
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