Petrol, diesel prices today: How much does fuel refill cost in Delhi, Mumbai, Kolkata, Bengaluru on 7 May

Indian motorists faced a slight but tangible increase at the pump on Thursday, with Mumbai recording a fresh uptick in petrol prices even as the Centre continued efforts to shield domestic consumers from the worst of the global energy shock. Over the past ten days, petrol prices in Mumbai have fluctuated within a narrow band of ₹103.50 to ₹103.54 per litre, reflecting the carefully managed nature of domestic fuel pricing against a backdrop of extreme international volatility.

Diesel prices across Delhi, Kolkata and Bengaluru are similarly subject to review as crude benchmarks remain sharply above pre-conflict levels. Consumers in these cities are advised to check their local fuel station rates, as any revision to the international pricing framework could filter through to pump prices in the days ahead.

CHECK PETROL PRICES ON 7 MAY

CHECK DIESEL PRICES ON 7 MAY

The chokepoint currently operates under a double blockade. Iran has moved to obstruct shipping traffic and assert sovereign authority over the passage, while the US Navy has simultaneously barred vessels from calling at or departing Iranian ports in order to restrict the country's oil export revenues. The combination has created one of the most acute energy supply squeezes in recent memory.

Brent crude oil was trading at around $113 per barrel following Monday's gains, representing a decline of 1.10 per cent from the prior session. West Texas Intermediate traded near $96 a barrel, while Brent had closed above $101 in earlier trading this week.

Washington presented Iran with a one-page memorandum of understanding that could lead to the gradual reopening of the Strait of Hormuz, according to a person familiar with the matter. Tehran is expected to respond within days.

President Donald Trump outlined the broad terms of the offer on social media. "The US will end its military campaign and lift its blockade assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption," Trump posted on Wednesday. "If they don't agree, the bombing starts."

The latest proposal followed Trump's decision to suspend what had been described as a short-lived mission to provide safe passage for commercial ships through Hormuz. Substantive negotiations over Iran's nuclear programme, described as a central justification for Washington's decision to initiate the conflict, are expected to be deferred to a later stage of any broader agreement. Nothing has yet been formally concluded, the person familiar with the matter said.

Trump faces mounting domestic pressure to resolve the crisis as retail energy costs across the US climb and voter concern over affordability intensifies. A scheduled summit between Trump and Chinese President Xi Jinping in Beijing on 14 and 15 May has added further diplomatic urgency to the process. China's top diplomat this week urged the swift reopening of Hormuz during a meeting with his Iranian counterpart.

"President Trump seems very keen to make sure that Iran does not torpedo his summit with Xi," said Will Todman, senior fellow in the Middle East Program at the Center for Strategic and International Studies. "The US and Iran were never going to agree to a comprehensive deal in a rush, but agreeing to a framework buys them time and some calm."

US government data released this week showed exports of oil products climbed to a record high in the previous week, with the country emerging as a critical alternative supplier to global markets amid the supply disruption caused by the conflict. Domestic crude inventories fell over the same period.

Forex traders noted that the Reserve Bank of India has been actively deploying a non-direct strategy to provide support to the currency as it faces sustained downward pressure. Sentiment in currency markets also improved after Trump announced the pause of "Project Freedom," the US naval operation to escort commercial vessels through the Strait of Hormuz.

At the interbank foreign exchange market, the rupee opened at 95 against the dollar before dipping to an intraday low of 95.18. It recovered to touch a session high of 94.38 before closing at 94.49 against the greenback, marking a gain of 69 paise from its previous close.