Petrol, diesel prices today — 1 July: How costly is fuel in Bengaluru, Delhi, Mumbai, Kolkata, Hyderabad, other cities?

Petrol and diesel prices today: Fuel prices in India stood stead on Wednesday, 1 July, despite fluctuation in brent crude price amid strained US-Iran interim ceasefire. After Tehran refused to meet US envoys, Brent futures jumped 50 cents or 0.69% and settled at $73.45 a barrel.

As the warring countries continue discussions to reach a more lasting accord, Crude prices plummeted in recent days. However, recent attacks around the Strait of Hormuz, the critical waterway through which 20% of the world's oil and gas flows, have marred negotiations. Since the recent escalation in hostilities over the weekend, oil tanker traffic through the Strait is now showing signs of recovery, Reuters reported.

US President Donald Trump's son-in-law Jared Kushner and envoy Steve Witkoff arrived in Doha on Tuesday for "high level" talks but Iranian Foreign Ministry spokesperson Esmaeil Baghaei said that no meeting at any level with the American side has been scheduled. Clouding the prospects for a lasting peace between the two countries, Iran said that US envoys would meet with mediators, rather than the Iranians themselves.

Fuel prices on Wednesday were in line with the latest price revision that came about on 25 May. Over a month ago, state-run oil marketing companies (OMCs) made multiple retail adjustments to transfer some of the burden of volatile global oil prices to consumers and implemented a cumulative increase of about ₹7.50 per litre in petrol and ₹7.60 in diesel prices in the wake of severe under-recoveries.

Check petrol and diesel price in your city on 1 July

The Centre lifted restrictions on purchase of petrol and diesel by industrial, commercial and institutional consumers, with effect from 1 July. The limits were initially imposed as emergency measures in order to manage fuel supplies in the wake of West Asia war and blockade of Hormuz waterway. The withdrawal of June 12 order means that curbs have been lifted from oil marketing companies and fuel retailers which were asked to restrict bulk purchases from petrol pumps for upto 90 days.

Centre revises export duty on petrol, diesel, ATF

With global crude volatility easing and domestic logistics stabilised, the Centre updated the Special Additional Excise Duty (SAED) on fuel exports. The Ministry of Finance on Tuesday issued an order announcing revised export duties on petrol, diesel and aviation turbine fuel (ATF) for the fortnight starting July 1. However, excise duty on petrol and diesel sold in India remains unchanged.

According to the official statement, the export duty on petrol has been set at ₹4 per litre and on diesel at ₹8.5 per litre. Notably, the Road and Infrastructure Cess (RIC) remains nil in both cases. Notification No. 37/2026 fixes the SAED on ATF exports at ₹7.5 per litre, which marks latest change after 16 June revision.

India has also expanded the list of countries exempted from this export duty, extending this exemption to Mauritius and the Maldives as well, in addition to Nepal, Bhutan, Bangladesh and Sri Lanka.