Petrol, diesel prices on June 4: Check fuel cost in Delhi, Mumbai, Bengaluru, Kolkata and other cities today

Fuel prices were steady on Thursday, 4 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.

West Asia war impacts fuel prices in India

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 4 June: Check full list here

Oil falls amid conditional ceasefire between Israel, Lebanon

Price of oil fell a bit after a three-day gain following news of conditional ceasefire between Israel and Lebanon, according to a Bloomberg report. It noted that price of Brent crude price fell toward $97 a barrel while West Texas Intermediate (WTI) was near $96, after adding almost 10% in the week’s first three sessions.

Notably, the ceasefire is conditional on “a complete cessation” of fire from Hezbollah, according to a statement from both countries and the United States, the report added.

While the US and Iran have agreed on a “rough” framework for extension of their own ceasefire by two months and reopen the Strait of Hormuz, the report added that final details have been dragged, even as fighting continues and also intensified sometimes. “No tangible progress has been achieved” in the talks, and Iran is prepared to target objectives inside Israel if its attacks on Beirut continue, the semi-official Tasnim news agency reported the Islamic Republic’s foreign minister as saying.

Robert Rennie, head of commodity research at Westpac Banking Corp told Bloomberg that while the ceasefire between Israel and Lebanon could reduce near-term upside risks to oil prices, as long as the vital Strait of Hormuz remains technically closed, Brent crude is likely to spike to as high as $130 in the fourth quarter as global inventories tighten. “The market is asleep at the wheel, even as we drive rapidly toward aggressive tightening in crude and product markets,” Rennie added.

(With inputs from Bloomberg)

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