Petrol, diesel prices on June 13: Check fuel cost in Chennai, Bengaluru, Delhi, Kolkata, Mumbai and other cities today

Petrol and diesel prices today: Fuel prices were steady today on Saturday, 13 June, following the last price hikes on Monday, 25 May, when oil marketing companies (OMCs) increased the cost of both petrol and diesel by more than ₹2.50 per litre. Notably, the cumulative price hikes since 15 May have increased fuel costs of close to ₹7.5 per litre.

Notably, the price of petrol and diesel in India are at their highest levels since May 2022 after remaining largely frozen for more than two years, barring a ₹2-per-litre cut in March 2024.

The US-Iran war has disrupted global energy supplies, including those to India. India's 40% of crude imports, 65% of natural gas and 90% of LPG supplies, which came from countries in the Gulf region, were disrupted due to the war.

Union Oil Minister Hardeep Singh Puri is optimistic that fuel prices to drop in the coming months and assured that “enough stocks are available” amid the war situation. “Oil prices cannot remain at their current height for a very long time and are expected to fall in the months ahead,” he stated.

Puri added that additional supplies from Canada and the United States to India, are expected to mitigate some shortage but added that the situation may turn if the war expands, Reuters reported.

In Delhi, petrol prices rose to ₹102.12/litre from ₹99.51/litre, while diesel climbed to ₹95.20/litre from ₹92.49/litre.

Overall, OMCs have hiked fuel prices four times since May to temper demand and maintain supply. Petrol costs around 7.8% more, while diesel prices are 8.6% higher, it added.

Brent futures fell 3.4% to settle at $87.33, the lowest since 5 March, and ended the week down 6.2%. West Texas Intermediate settled 3.2% lower on Friday, while European gas slumped as much as 8.4%.

The US and Iran are edging closer to an agreement to reopen the Strait of Hormuz that could be signed as the Group of Seven world leaders meet next week, senior officials told the publication. The report however added that “conflicting messages” from the US and Iran have raised concerns.

Overall, oil prices are lower by close to 30% since the peak of the conflict. Markets were oversupplied before the war broke out in February, and Brent crude, the global benchmark, had been hovering near $70 per barrel.

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