Petrol-Diesel Prices on June 14: If there is one thing most affected by tensions in the Middle East, it is global crude oil prices. Crude oil prices are rising in the international market, a trend that is now translating into higher petrol and diesel costs across various countries.
Since May 15, petrol and diesel rates in India have risen by ₹7 to ₹8 per litre. Indian petroleum companies did not alter petrol and diesel prices on Sunday morning; rates remained unchanged, leaving customers disappointed. Here is the city-wise breakdown of petrol and diesel prices.
Check prices in these major cities.
In the national capital, New Delhi, the price of petrol was recorded at ₹102.12 per litre, while diesel stood at ₹95.20 per litre. In Mumbai, the capital of Maharashtra, petrol was priced at ₹111.18 per litre, and diesel at ₹97.83 per litre. In Kolkata, West Bengal, petrol was priced at ₹113.47 per litre, with diesel at ₹99.82 per litre.
In Chennai, Tamil Nadu, petrol is priced at ₹107.77 per litre and diesel at ₹99.55 per litre. In Patna, Bihar, petrol is priced at ₹113.35 per litre and diesel at ₹99.36 per litre. In Noida, adjacent to Delhi, petrol is selling at ₹102.12 per litre and diesel at ₹95.20 per litre.
Know why prices have risen
This price hike is driven by the tense situation involving Iran, the US, and Israel. Consequently, a blockade has been imposed on the Strait of Hormuz. This is a crucial maritime route for global oil and gas supplies, and it is controlled by Iran. Reports suggest that the US and Iran are nearing an agreement to reopen the Strait of Hormuz. This agreement could be signed next week during the meeting of G7 leaders. However, concerns have also been raised due to the aggressive stances the US and Iran have adopted towards each other.
Will prices come down?
Union Oil Minister Hardeep Singh Puri expects fuel prices to decrease in the coming months. He assured that India holds sufficient stocks despite the ongoing war-like situation. He stated, “Oil prices cannot remain at current high levels for very long, and a decline is expected in the coming months.”
According to a Reuters report, Puri mentioned that additional supplies from Canada and the US are expected to help bridge some of the supply gap, though he also noted that the situation could change if the conflict escalates.