With global crude oil prices falling after months of volatility, a question many Indian consumers have been asking: will petrol and diesel prices come down? Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday (Jul 3) suggested that the possibility cannot be ruled out, though he stopped short of promising an immediate reduction. Here's all you need to know.<h2>What did the Modi government say about reducing petrol and diesel prices?</h2>Addressing a press conference on Thursday, Puri said, "If crude prices remain at these levels for the next few weeks, cutting petrol and diesel prices will be a legitimate question that everybody asks."At the same time, the minister cautioned against reading too much into current market conditions. "What the situation will be then, it is not right for me to speculate," he added.Also read | <a href="https://www.wionews.com/india-news/small-relief-for-indians-commercial-lpg-rate-slashed-by-183-but-prices-remain-over-70-above-january-levels-1782268425675">Small relief for Indians: Commercial LPG rate slashed by ₹183, but prices remain over 70% above January levels</a><h2>Why prices may not fall immediately</h2>Puri's comments came with an important caveat. According to the minister, India's oil marketing companies have been absorbing massive losses to shield consumers from international energy shocks.He revealed that state-run fuel retailers had accumulated losses and under-recoveries of Rs 74,781 crore by selling petrol, diesel and LPG below market-linked costs."Oil marketing companies had incurred losses and under-recoveries of Rs 74,781 crore by selling petrol, diesel and LPG below cost," Puri said. "So the actual loss and under-recovery are both very high," he added.Also read | <a href="https://www.wionews.com/world/trump-accuses-big-oil-companies-of-gouging-american-customers-says-gasoline-prices-better-start-going-down-a-lot-faster-usa-ogas-price-today-1782274625910">Trump accuses big oil companies of 'gouging' American customers, says 'gasoline prices better start going down a lot faster'</a><h2>Global oil prices fall</h2>On Thursday, Brent crude slipped towards $71 per barrel, extending losses of more than 3 per cent over the previous two trading sessions. This came after Qatar announced that indirect negotiations between Iran and the US had achieved “positive progress”. US benchmark West Texas Intermediate (WTI) crude was trading near $68 per barrel, continuing the downward trend.The decline marks a significant reversal from the panic seen earlier during the conflict, when fears of supply disruptions in the Strait of Hormuz pushed oil prices sharply higher.

Will petrol and diesel prices finally come down after months of pain at the pump? As global crude prices slide towards $71 a barrel, Petroleum Minister Hardeep Singh Puri has dropped a major hint. Scroll down to find out what he said.

With global crude oil prices falling after months of volatility, a question many Indian consumers have been asking: will petrol and diesel prices come down? Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday (Jul 3) suggested that the possibility cannot be ruled out, though he stopped short of promising an immediate reduction. Here's all you need to know. What did the Modi government say about reducing petrol and diesel prices? Addressing a press conference on Thursday, Puri said, "If crude prices remain at these levels for the next few weeks, cutting petrol and diesel prices will be a legitimate question that everybody asks." At the same time, the minister cautioned against reading too much into current market conditions. "What the situation will be then, it is not right for me to speculate," he added. Also read | Small relief for Indians: Commercial LPG rate slashed by ₹183, but prices remain over 70% above January levels Why prices may not fall immediately Puri's comments came with an important caveat. According to the minister, India's oil marketing companies have been absorbing massive losses to shield consumers from international energy shocks. He revealed that state-run fuel retailers had accumulated losses and under-recoveries of Rs 74,781 crore by selling petrol, diesel and LPG below market-linked costs. "Oil marketing companies had incurred losses and under-recoveries of Rs 74,781 crore by selling petrol, diesel and LPG below cost," Puri said. "So the actual loss and under-recovery are both very high," he added. Also read | Trump accuses big oil companies of 'gouging' American customers, says 'gasoline prices better start going down a lot faster' Global oil prices fall On Thursday, Brent crude slipped towards $71 per barrel, extending losses of more than 3 per cent over the previous two trading sessions. This came after Qatar announced that indirect negotiations between Iran and the US had achieved “positive progress”. US benchmark West Texas Intermediate (WTI) crude was trading near $68 per barrel, continuing the downward trend. The decline marks a significant reversal from the panic seen earlier during the conflict, when fears of supply disruptions in the Strait of Hormuz pushed oil prices sharply higher.

Will petrol and diesel prices finally come down after months of pain at the pump? As global crude prices slide towards $71 a barrel, Petroleum Minister Hardeep Singh Puri has dropped a major hint. Scroll down to find out what he said.

When will petrol and diesel get cheaper in India? Modi government's petroleum minister Hardeep Puri drops BIG HINT

After a record four-year hiatus in major price revisions, petrol and diesel rates across India were hiked by ₹3 per litre on Friday (May 15). This move marks the end of a price freeze that had been in place since April 2022 (interrupted only by a minor ₹2 cut before the 2024 elections). But what's behind the surprise petrol, diesel price hike? The sudden hike is primarily a reaction to the escalating West Asia conflict and the resulting strain on the global energy market. Let's take a deep dive.Also read | <a href="https://www.wionews.com/india-news/india-fuel-prices-hiked-petrol-diesel-prices-jump-by-rs-3-per-litre-as-fuel-costs-surge-1778807845685">India fuel prices hiked: Petrol, diesel prices jump Rs 3 despite govt’s ‘ample stock’ claim | Check city wise prices HERE</a><h2>Why did India hike diesel and petrol prices now? FAQ here</h2>On day 77 of the Iran conflict in West Asia, India hiked fuel prices across the nation by Rs 3/per litre. The decision by state-owned Oil Marketing Companies (OMCs)—IOCL, BPCL, and HPCL stems from a combination of geopolitical and financial factors. Why? The short answer is that global geopolitics finally caught up with domestic price restraint.<ul><li>West Asia conflict: The primary reason is the West Asia crisis and the severe pressure it has placed on the Strait of Hormuz, one of the world’s most critical oil transit chokepoints. The war, which started on February 28 with the United States and Israel launching strikes on Iran, has magnified shipping risks, driving global crude prices to new heights: from around $70 per barrel before the crisis to above $110.</li><li>For India, which depends on imported crude for nearly 87 per cent of its total crude oil needs, this meant a sharp increase in the import burden.</li></ul>Also read | <a href="https://www.wionews.com/india-news/neet-ug-2026-paper-leak-when-will-re-exam-be-held-education-minister-dharmendra-pradhan-chairs-high-level-meet-1778816631278">NEET-UG 2026 paper leak: When will re-exam be held? Date announced! Check here</a><ul><li>Mounting 'under-recoveries' to blame for fuel price hike: For months, state-run oil marketing companies like IOCL, BPCL and HPCL had largely shielded consumers by absorbing the shock. But as international prices climbed and supply routes tightened, those losses reportedly ballooned into massive under-recoveries, with companies facing mounting pressure to stop carrying the full burden.</li></ul>In essence, this means that the price hike is not a routine price revision, but more a delayed correction. The move also follows growing public signals from the government. Prime Minister Narendra Modi recently urged citizens to conserve fuel, use public transport, and reduce unnecessary fuel consumption, a message that, in hindsight, increasingly looks like preparation for harder energy realities.

India has finally ended its long fuel price freeze. After holding the line for nearly four years, petrol and diesel prices have been hiked by ₹3 per litre. But this is not a routine revision, so what really forced India’s hand now? WION Explains

After a record four-year hiatus in major price revisions, petrol and diesel rates across India were hiked by ₹3 per litre on Friday (May 15). This move marks the end of a price freeze that had been in place since April 2022 (interrupted only by a minor ₹2 cut before the 2024 elections). But what's behind the surprise petrol, diesel price hike? The sudden hike is primarily a reaction to the escalating West Asia conflict and the resulting strain on the global energy market. Let's take a deep dive. Also read | India fuel prices hiked: Petrol, diesel prices jump Rs 3 despite govt’s ‘ample stock’ claim | Check city wise prices HERE Why did India hike diesel and petrol prices now? FAQ here On day 77 of the Iran conflict in West Asia, India hiked fuel prices across the nation by Rs 3/per litre. The decision by state-owned Oil Marketing Companies (OMCs)—IOCL, BPCL, and HPCL stems from a combination of geopolitical and financial factors. Why? The short answer is that global geopolitics finally caught up with domestic price restraint. West Asia conflict: The primary reason is the West Asia crisis and the severe pressure it has placed on the Strait of Hormuz, one of the world’s most critical oil transit chokepoints. The war, which started on February 28 with the United States and Israel launching strikes on Iran, has magnified shipping risks, driving global crude prices to new heights: from around $70 per barrel before the crisis to above $110. For India, which depends on imported crude for nearly 87 per cent of its total crude oil needs, this meant a sharp increase in the import burden. Also read | NEET-UG 2026 paper leak: When will re-exam be held? Date announced! Check here Mounting 'under-recoveries' to blame for fuel price hike: For months, state-run oil marketing companies like IOCL, BPCL and HPCL had largely shielded consumers by absorbing the shock. But as international prices climbed and supply routes tightened, those losses reportedly ballooned into massive under-recoveries, with companies facing mounting pressure to stop carrying the full burden. In essence, this means that the price hike is not a routine price revision, but more a delayed correction. The move also follows growing public signals from the government. Prime Minister Narendra Modi recently urged citizens to conserve fuel, use public transport, and reduce unnecessary fuel consumption, a message that, in hindsight, increasingly looks like preparation for harder energy realities.

India has finally ended its long fuel price freeze. After holding the line for nearly four years, petrol and diesel prices have been hiked by ₹3 per litre. But this is not a routine revision, so what really forced India’s hand now? WION Explains

Why did India hike petrol, diesel prices after 4 years of near-stability? Inside the sudden Rs 3 fuel shock | WION Explains

India’s ₹3 fuel hike has sparked backlash, but the BJP argues that compared with the global fuel shock unleashed by the Iran war and Hormuz disruption, India’s increase is relatively small. How much of the world is already paying? Let’s break down the global context.

How does India's petrol, diesel price hike compare to global rates? BJP provides 'context' | In Pics

Reports suggest that the prices of 19kg commercial LPG cylinders in India have been sharply hiked by INR 993, bringing the cost to ₹3,071.50. The price of Aviation turbine fuel (ATF) is also rumoured to have been increased. But how true are the reports? All you need to know<h2>LPG prices hiked?</h2>According to an India Today report citing anonymous sources, commercial cylinders in India will now cost a whopping Rs 3,071.50, a whopping hike of ₹993. However, the prices of domestic LPG cylinders, as per the report, remain unchanged. This hike, if confirmed, would mirror a similar hike last month, when state-owned oil companies increased the cost of both 19-kg commercial cylinders and 5-kg mini cylinders.Notably, the Government of India and LPG providers are yet to notify any price change in the cost of LPG cylinders, commercial or otherwise.Also read | <a href="https://www.wionews.com/photos/309-days-at-sea-uss-gerald-r-ford-to-leave-mideast-why-is-us-navy-s-most-advanced-carrier-abandoning-iran-blockade-and-coming-home-in-pics-1777515112350">USS Gerald R. Ford to leave Mideast; Why is US Navy’s most advanced carrier abandoning Iran blockade and coming home? | In Pics</a><h2>What about ATF? Have ATF prices been hiked</h2>Typically, ATF prices are revised at the beginning of every month based on input costs. Amid rumours of a price hike, news agency PTI reported that there is no change in the ATF price for domestic airlines. According to the report, ATF prices remain unchanged on Friday (May 1). Indian Oil, in a statement, said that state-owned oil companies decided to absorb the rise in global fuel prices to protect both consumers and airlines.IOC also noted that there was no rate revision in key fuels affecting the general public.<h2>Central excise duty on petrol, diesel revised</h2>In three separate notifications issued on Thursday, the Ministry of Finance revised the central excise duty on fuel, fixing it at Rs 23 per litre for petrol and Rs 33 per litre for diesel, effective May 1, 2026. The government has also scrapped the additional excise duty on petrol, bringing it down to zero. Despite these changes in excise duty, Indian Oil Corporation (IOC) has clarified that there will be no revision in the retail prices of petrol, diesel, or domestic LPG. This move effectively shields consumers from the recent surge in global crude oil prices. "The retail prices of Petrol, Diesel and domestic LPG (14.2 kg cylinders) have remained unchanged, fully insulating domestic consumers from the recent increase in international fuel prices," IOC said in a press release. &nbsp;

₹993 LPG hike? ATF prices rising too? Reports are triggering serious concern, but what’s actually changing, what isn’t, and what could hit businesses and travellers first may not be what it seems. Scroll down before you panic.

Reports suggest that the prices of 19kg commercial LPG cylinders in India have been sharply hiked by INR 993, bringing the cost to ₹3,071.50. The price of Aviation turbine fuel (ATF) is also rumoured to have been increased. But how true are the reports? All you need to know LPG prices hiked? According to an India Today report citing anonymous sources, commercial cylinders in India will now cost a whopping Rs 3,071.50, a whopping hike of ₹993. However, the prices of domestic LPG cylinders, as per the report, remain unchanged. This hike, if confirmed, would mirror a similar hike last month, when state-owned oil companies increased the cost of both 19-kg commercial cylinders and 5-kg mini cylinders. Notably, the Government of India and LPG providers are yet to notify any price change in the cost of LPG cylinders, commercial or otherwise. Also read | USS Gerald R. Ford to leave Mideast; Why is US Navy’s most advanced carrier abandoning Iran blockade and coming home? | In Pics What about ATF? Have ATF prices been hiked Typically, ATF prices are revised at the beginning of every month based on input costs. Amid rumours of a price hike, news agency PTI reported that there is no change in the ATF price for domestic airlines. According to the report, ATF prices remain unchanged on Friday (May 1). Indian Oil, in a statement, said that state-owned oil companies decided to absorb the rise in global fuel prices to protect both consumers and airlines. IOC also noted that there was no rate revision in key fuels affecting the general public. Central excise duty on petrol, diesel revised In three separate notifications issued on Thursday, the Ministry of Finance revised the central excise duty on fuel, fixing it at Rs 23 per litre for petrol and Rs 33 per litre for diesel, effective May 1, 2026. The government has also scrapped the additional excise duty on petrol, bringing it down to zero. Despite these changes in excise duty, Indian Oil Corporation (IOC) has clarified that there will be no revision in the retail prices of petrol, diesel, or domestic LPG. This move effectively shields consumers from the recent surge in global crude oil prices. "The retail prices of Petrol, Diesel and domestic LPG (14.2 kg cylinders) have remained unchanged, fully insulating domestic consumers from the recent increase in international fuel prices," IOC said in a press release.

₹993 LPG hike? ATF prices rising too? Reports are triggering serious concern, but what’s actually changing, what isn’t, and what could hit businesses and travellers first may not be what it seems. Scroll down before you panic.

Fact Check: India's LPG, ATF prices hiked? How much will cylinders cost now? All we know

The price of petrol was&nbsp;hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre at mifnight Saturday&nbsp;in sync with firming international rates. 
 
The hike comes the on back of a Rs 4.85 per litre reduction in rates of petrol and Rs 3.41 a litre in diesel effected from April 1. 
 
Indian Oil Corp (IOC), the nation&#39;s largest fuel retailer, said price of petrol is being increased by Rs 1.39 per litre, excluding state levies, and that of diesel by Rs 1.04 (excluding state levies) with effect from midnight tonight (April 15). 
 
Actual increase in price will be more after taking into account local VAT. Petrol in Delhi currently costs Rs 66.29 a litre while a litre of diesel is priced at Rs 55.61. 
 
&quot;The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,&quot; IOC said in a statement. 
 
The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said. 
 
IOC also said it intends to shortly start daily changes in price of petrol and diesel on pilot basis, in Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vizag.&nbsp;

(PTI)

The Indian Oil Corporation said it will continue to monitor movement of prices in the international oil market and INR-USD exchange rate

The price of petrol was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre at mifnight Saturday in sync with firming international rates. The hike comes the on back of a Rs 4.85 per litre reduction in rates of petrol and Rs 3.41 a litre in diesel effected from April 1. Indian Oil Corp (IOC), the nation's largest fuel retailer, said price of petrol is being increased by Rs 1.39 per litre, excluding state levies, and that of diesel by Rs 1.04 (excluding state levies) with effect from midnight tonight (April 15). Actual increase in price will be more after taking into account local VAT. Petrol in Delhi currently costs Rs 66.29 a litre while a litre of diesel is priced at Rs 55.61. "The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a statement. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said. IOC also said it intends to shortly start daily changes in price of petrol and diesel on pilot basis, in Udaipur, Jamshedpur, Pondicherry, Chandigarh and Vizag. (PTI)

India: Petrol price hiked by Rs 1.39 per litre, diesel up by Rs 1.04

A discount of 0.75 per cent on petrol and diesel came into effect from midnight Tuesday on purchases made using digital modes of payment including credit/debit cards, e-wallets or mobile wallets.

The discount will translate into a rebate of 49 paisa a litre on petrol and 41 paisa on diesel, PTI reported. Petrol is currently sold at Rs 66.10 per litre in Delhi while a litre of diesel costs Rs 54.57.

The &quot;discount will be credited to customer&#39;s account by way of cash back within maximum three working days of the transaction,&quot; PTI reported quoting Indian oil Corporation, the nation&#39;s largest fuel retailer.

Last week, finance minister Arun Jaitley had announced week announced a slew of measures including discounts on online payments for insurance policies, rail tickets and highway toll charges to promote cashless transaction in the wake of demonetisation.

&quot;As a part of these initiatives, to promote cashless transactions Government of India has announced to incentivise petrol/diesel customers transacting at PSU petrol pumps by way of 0.75 per cent discount when a customer uses Debit/Credit Cards, Mobile Wallets and Prepaid Loyalty Cards,&quot; the Indian Oil Corporation statement said.

(WION with inputs from PTI)

The 0.75% discount will translate into a rebate of 49 paisa a litre on petrol and 41 paisa on diesel

A discount of 0.75 per cent on petrol and diesel came into effect from midnight Tuesday on purchases made using digital modes of payment including credit/debit cards, e-wallets or mobile wallets. The discount will translate into a rebate of 49 paisa a litre on petrol and 41 paisa on diesel, PTI reported. Petrol is currently sold at Rs 66.10 per litre in Delhi while a litre of diesel costs Rs 54.57. The "discount will be credited to customer's account by way of cash back within maximum three working days of the transaction," PTI reported quoting Indian oil Corporation, the nation's largest fuel retailer. Last week, finance minister Arun Jaitley had announced week announced a slew of measures including discounts on online payments for insurance policies, rail tickets and highway toll charges to promote cashless transaction in the wake of demonetisation. "As a part of these initiatives, to promote cashless transactions Government of India has announced to incentivise petrol/diesel customers transacting at PSU petrol pumps by way of 0.75 per cent discount when a customer uses Debit/Credit Cards, Mobile Wallets and Prepaid Loyalty Cards," the Indian Oil Corporation statement said. (WION with inputs from PTI)

Demonetisation: Digital discount on petrol, diesel purchases from today

India&#39;s biggest fuel retailer, Indian Oil Corporation (IOC), slashed petrol prices by Rs 1.46 a litre and that of diesel by Rs 1.53 per litre from midnight today, news agencies reported.

Petrol in Delhi will cost Rs. 66.36 per litre, including Value&nbsp;Added Tax (VAT). The reduction in the price of petrol comes after six hikes since September during which prices went up by Rs 7.53 per litre.

Diesel, the price of which went up&nbsp;by Rs 3.90 a litre after three price hikes in October, will cost Rs. 62.14 from midnight.

&quot;The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to consumers with this price revision,&quot; IOC said in a statement.

IOC said it would continue to monitor the movement of prices in the international oil market and the rupee-dollar exchange rate and revise prices accordingly.

Petrol and diesel prices were last hiked on November 1 --- by 89 paise per litre for petrol and 86 paise a litre for diesel, excluding state levies.&nbsp;

(WION with inputs from agencies) 
&nbsp;

Petrol price was last hiked by 89 paise per litre on November 1

India's biggest fuel retailer, Indian Oil Corporation (IOC), slashed petrol prices by Rs 1.46 a litre and that of diesel by Rs 1.53 per litre from midnight today, news agencies reported. Petrol in Delhi will cost Rs. 66.36 per litre, including Value Added Tax (VAT). The reduction in the price of petrol comes after six hikes since September during which prices went up by Rs 7.53 per litre. Diesel, the price of which went up by Rs 3.90 a litre after three price hikes in October, will cost Rs. 62.14 from midnight. "The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," IOC said in a statement. IOC said it would continue to monitor the movement of prices in the international oil market and the rupee-dollar exchange rate and revise prices accordingly. Petrol and diesel prices were last hiked on November 1 --- by 89 paise per litre for petrol and 86 paise a litre for diesel, excluding state levies. (WION with inputs from agencies)

India: Petrol price cut by Rs 1.46, diesel by Rs 1.53 per litre