Petrol, diesel prices on June 3: Check fuel cost in Delhi, Mumbai, Bengaluru, Kolkata and other cities today

Fuel prices were steady on Wednesday, 3 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.

Fuel prices 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.

War in West Asia impacts fuel prices

This is because the last increase was the fourth such move in less than two weeks, on the back of a delayed pass-through amid soaring global crude oil prices due to the war in West Asia.

The war in West Asia 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 three-month-long conflict.

Change in petrol and diesel prices

Petrol prices rose by ₹2.61/litre and diesel by ₹2.71/litre on 25 May in their fourth such increase.

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

Check the full city-wise petrol and diesel price list below:

Petrol and diesel prices in major cities on 1 June: Check full list here

Oil advances as peace talks between US-Iran stall

Oil rose for a third day amid disruption in peace talks between the United States and Iran and Israel's attacks on Lebanon, according to a Bloomberg report on 3 June.

It added that Brent climbed toward $97 a barrel, while West Texas Intermediate was near $95 after adding more than 7% in the week’s first two sessions.

US President Donald Trump said he’s still optimistic about a peace deal with Tehran and dismissed reports that negotiations have been halted amid the fighting in Lebanon, it added. However, the report noted that lack of clarity over extension of the current ceasefire and access to the Strait of Hormuz means that oil prices have restarted their climb. Oil prices had slipped in May due to optimism over a deal.

The delay has hiked concerns over crude stock as countries await full opening up of exports from the Persian Gulf, the report said.

The price volatility has forced dealers to scale back their risk exposure, pushing open interest — the total number of futures contracts that haven’t been closed, liquidated or delivered — in global benchmark Brent to the lowest since August. In the US, an industry report showed crude stockpiles fell 6.8 million barrels last week, it added.

(With inputs from Bloomberg)

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