Petrol & Diesel Prices Today — June 19: How expensive is fuel in Bengaluru, Delhi, Mumbai, Kolkata, Hyderabad and other cities? | Today’s news
Gasoline and diesel prices today: Fuel prices remained unchanged on Friday, June 19, despite fluctuations in the price of Brent crude following the US-Iran peace deal. The price of petrol and diesel was in line with the last price revision on 25 May. Last month, state-owned oil marketing companies (OMCs) made retail adjustments to pass on some of the burden of fluctuating global oil prices to consumers. They introduced a cumulative increase of approx ₹7.50 per liter in petrol prices due to severe under-utilisation.
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. The main cause of oil price fluctuations was the disruption of the energy supply chain due to the blockade across the Strait of Hormuz. The government shielded consumers from inflationary pressures for the first 78 days of the war before passing on some of the price shock.
Read also | Oil prices fall more than 1% on US-Iran peace deal; Brent is hovering around $78/barrel
Check petrol and diesel price in your city on June 19
CityPetrol priceDiesel priceNew Delhi ₹102.12 ₹95.20 Calcutta ₹113.51 ₹99.82 Mumbai ₹111.18 ₹97.83 chennai ₹107.77 ₹99.55 of Gurugram ₹103.17 ₹95.83 Noida ₹102.12 ₹95.56 Bengaluru ₹110.93 ₹98.80 Bhubaneswar ₹108.81 ₹100.52 Chandigarh ₹101.54 ₹89.47 Hyderabad ₹115.73 ₹103.82 Jaipur ₹112.66 ₹97.78 Happiness ₹101.89 ₹95.36 Patna ₹113.46 ₹99.47 Thiruvananthapuram ₹115.49 ₹104.40
Brent crude oil prices rose again on Thursday after falling to their lowest level since the start of the war on February 28. The increase came after US Vice President JD Vance warned Israel against further attacks in Lebanon against Iran-backed Hezbollah. These geopolitical tensions raised doubts about the deal’s durability as Israel continued to pound Lebanon.
Brent crude futures climbed 30 cents, or 0.38%, to settle at $79.85 a barrel after falling as low as $76.54 earlier in the session, Reuters reported.
“The vice president’s statement on Israel may have tipped things back,” Again Capital partner John Kilduff was quoted as saying by Reuters. He added: “I think the slightest disruption will register in the market.”
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Strait of Hormuz reopens as US-Iran blockade lifted
Oil tankers sailed through the Strait of Hormuz and the United States said it lifted its blockade of Iran on Thursday as an interim deal to end the war entered into force, although key issues between the two countries remain unresolved.
After an interim agreement between the United States and Iran came into force to end the war in West Asia, downward pressure on oil prices was seen as oil tankers passed through the Strait of Hormuz, marking the resumption of long-constrained energy flows.
However, the price of oil remains much higher than before the war, despite the US lifting its blockade. Overall, the decline in oil prices depends on what happens in the Strait of Hormuz, through which a fifth of the world’s oil flowed before the war. Under the interim 14-point agreement, Iran will allow free navigation through the strait, as the deal requires operations to be restored to full capacity within 30 days.
Read also | Around the Strait of Hormuz in 60 days
On the gradual restoration of flows through the strait, John Kilduff said: “The full restoration of oil flows through the strait has been retroactively charged,” adding: “Anything else will be a problem.”
The tentative deal calls for the United States and its partners to come up with a $300 billion plan to fund Iran’s reconstruction and calls for a cease-fire in Lebanon.
While analysts expect a gradual recovery in flows through Hormuz, industry experts appeared skeptical of a drop in oil prices despite the recovery in demand and supplies. According to investment bank Goldman Sachs, exports from the Persian Gulf are expected to normalize to pre-war levels by the end of July, while oil production is expected to recover by October.
According to Goldman Sachs, oil flows through the strait are currently around 70% of pre-war levels, but exports could be normalized by an increase of 13 million barrels per day.
On Thursday, the rupee gained 10 paise against the US dollar to settle at 94.40 on positive global market sentiment.
