India’s fuel prices stay high despite global oil price dip

Global crude oil prices fell by about 5% in the last 24 hours after a positive meeting between U.S. and Iranian officials and the United States issuing a license to sell Iranian oil. The price drop was reflected in U.S. West Texas Intermediate and Gulf‑coast benchmarks, which traded in the mid‑$70‑$80 per barrel range.

In India, fuel retailers have not passed on the international price decline. Since May, Indian petroleum companies have raised retail petrol and diesel rates several times, and the latest city‑level prices remain near recent peaks—for example, Delhi petrol at ₹102.12 per litre and diesel at ₹95.20, Kolkata petrol at ₹113.51 and diesel at ₹99.02, Mumbai petrol at ₹111.21 and diesel at ₹97.83. Analysts say the domestic market is insulated from the short‑term global fall, keeping consumer fuel costs high for now.