Petrol, Diesel Prices Today, June 16, 2026: Check Whether Local Prices Have Dropped in Your City After Global Crude Oil Price Crash in Wake of US-Iran Peace Deal

Mumbai, June 16: Petrol and diesel prices remained unchanged across major Indian cities on Tuesday, even amid a steep slide in international crude oil prices following a preliminary peace pact between the United States and Iran aimed at ending the war in the Middle East. 

The pact, which is expected to ease tensions in the Gulf and ensure the smooth flow of oil through the Strait of Hormuz, triggered a steep slide in crude oil prices. Brent crude fell more than 4% after the announcement signalling peace, raising hopes of lower fuel prices for consumers. However, oil marketing companies (OMCs) have so far maintained retail fuel rates at existing levels. 

This underscores the fact that domestic fuel prices do not always move in line with daily fluctuations in international crude oil markets. Factors such as refining costs, taxes, inventory levels, exchange rates and marketing margins also show influence and power over retail fuel prices in India. 

Petrol, Diesel Prices Today in Major Cities 

As per the latest update in fuel rates across major metros, petrol and diesel prices remained unchanged across the country’s key metropolitan centres. 

Kolkata continues to show the highest petrol price at ₹108.74 per litre, while Delhi remains the cheapest among the major metros at ₹97.77 per litre. 

Why Have Fuel Prices Not Come Down Yet? 

Prices remain unchanged from the previous day 

Although crude oil has retreated sharply from recent highs, fuel retailers are yet to announce any reduction in petrol or diesel prices. Analysts note that oil companies typically wait for sustained movements in crude prices before revising retail rates.  

Fuel prices had previously risen amid concerns that the conflict between the US and Iran could disrupt supplies through the Strait of Hormuz, through which nearly a fifth of the world’s oil shipments pass. With those concerns now easing, market participants expect pressure to build for a reduction in domestic fuel prices if crude remains at lower levels. 

What Should Consumers Watch? 

For Indian consumers, the trajectory of global crude oil prices remains the key factor to watch. If oil prices continue to soften and geopolitical risks remain contained, oil marketing companies could eventually pass on some of the benefits to consumers through lower petrol and diesel prices. 

Until then, motorists across Delhi, Mumbai, Chennai, Kolkata, Bengaluru and other cities will continue to pay existing rates, even as global energy markets adjust to the changing geopolitical landscape. 

Source

•  rates from cardekho.com