Petrol, diesel prices today: Did OMCs revise fuel rates in Delhi, Mumbai, other cities after Nayara Energy's price cut?

Petrol and diesel prices today: Fuel prices in India remained largely unchanged on Thursday, 2 July, despite cooling brent crude price. Easing geopolitical tensions in West Asia pulled down Aviation Turbine Fuel (ATF) and commercial LPG prices. Marking the first reduction in nearly 4 months, Oil marketing companies slashed ATF prices by about ₹5 per litre and cut commercial 19-kg LPG rates by ₹183.50 per cylinder.

Commercial LPG, which once touching a record ₹3,113 last month, will now cost ₹2,930 per cylinder. At the same time, the 5-kg marked-priced or Free Trade LPG (FTL) cylinder rate also fell by ₹13 to ₹808.50 per 5-kg cylinder. Nayara Energy also announced revision in petrol and diesel prices on Wednesday, becoming the first retailer in more than two years to reduce pump rates as crude prices returned to pre-war levels. It reduced petrol and diesel prices by ₹5 and ₹3 per litre.

With this price adjustment, all 7,000 fuel stations of the Rosneft-backed company will charge revised rates. This move of India's largest private retailer comes almost a fortnight after the signing of the memorandum of understanding (MoU) between Iran and the US on 17 June, and the subsequent opening of the Strait of Hormuz, a key channel for 20% of global oil and gas trade.

Check petrol and diesel price in your city on 2 July

Oil softens as flows through Strait of Hormuz resume

Oil prices declined for a third day as flows through the Strait of Hormuz resumed following progress in US-Iran indirect talks. According to Bloomberberg, Brent settled below $72 on Wednesday after sliding 3% in the previous two sessions as it extended losses after its worst quarter since 2020.

Washington and Tehran are making efforts to turn the interim truce into a lasting peace during the 60-day negotiating period even though the two countries exchanged strikes over the weekend. US President Donald Trump hailed Qatar meetings on Wednesday after his son-in-law Jared Kushner and envoy Steve Witkoff discussed technical issues of the initial agreement with Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani in Doha.

Without specifying whether any breakthroughs were made, Trump said, “They’ve had very good meetings, and we’ll see. We hit them very hard for three nights, as you know, but we’re getting along very well, so I call it the denuclearization, and it’s all taking place,” Bloomberg reported.

According to Qatar mediators, the next meeting will be scheduled at the earliest possible time following the funeral ceremonies for Iran’s former Supreme Leader Ali Khamenei. The processions are scheduled from 4 to 9 July, across Tehran, Qom, and Mashhad.

MST Marquee Senior energy analyst Saul Kavonic said, “Oil prices continue to drift lower as the gush of oil escaping the Strait of Hormuz coincides with SPR releases and curtailed demand, as flare ups between Iran and the US remain contained at least for the time being,” while referring to the millions of barrels of strategic petroleum reserves countries tapped to replace lost Gulf supply.