Petrol and diesel rates across India saw no significant changes on July 9, 2026, even as global crude oil prices experienced an uptick. Brent crude futures rose by more than $1 per barrel, reaching $79.28 per barrel, in the wake of renewed US strikes on Iran. This increase, however, still places prices well below the late-April peak of over $120 per barrel, a period when the Hormuz closure sent shockwaves through energy markets.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri clarified that domestic fuel retailers are currently working through existing inventories of higher-priced crude oil, which was acquired during the height of the West Asia crisis. This factor is contributing to the current stability in retail fuel prices.
Prices Unchanged Since May
Fuel prices have largely held steady since May 25, when state-owned Oil Marketing Companies (OMCs) implemented an increase. On that date, petrol prices rose by ₹2.61 per litre, and diesel prices by ₹2.71 per litre.
As of July 9, 2026, petrol in Delhi continues to be priced at ₹102.12 per litre, with diesel retailing at ₹95.20 per litre. Mumbai residents are paying ₹111.21 per litre for petrol and ₹97.83 per litre for diesel. Other major cities like Bengaluru, Hyderabad, and Kolkata also report petrol prices above ₹110 per litre. Diesel prices in these cities remain below ₹100, with the exception of Hyderabad, where it is priced at ₹103.82 per litre. Chennai's rates stand at ₹107.77 for petrol and ₹99.55 for diesel.
Nayara Energy Reduces Rates
In a separate development last week, Rosneft-backed Nayara Energy announced a reduction in fuel prices across its extensive network of nearly 7,000 stations. Petrol prices were cut by ₹5 per litre, and diesel by ₹3 per litre for its customers.
Understanding India's Fuel Pricing
The retail price of petrol and diesel in India is influenced by a complex interplay of global, economic, and domestic factors. The international price of crude oil, as the primary raw material, exerts the most significant impact. India's heavy reliance on imported crude means that the rupee-dollar exchange rate also plays a crucial role; a weakening rupee increases procurement costs, which can translate to higher pump prices.
Furthermore, taxes levied by both the central and state governments constitute a substantial portion of the final price, explaining the variations in rates across different states. Transportation costs and local demand-supply dynamics also contribute to the final retail price consumers encounter at the pump.