India's fuel prices stay high as minister cites costly crude purchases

Petrol, diesel and CNG prices across major Indian cities remained unchanged on July 3, 2026, with Hyderabad posting the highest petrol rate (₹115.69 / L) and Thiruvananthapuram the highest diesel rate (₹104.40 / L). Union Petroleum Minister Hardeep Singh Puri said retail fuel prices are unlikely to fall until global crude oil stabilises at lower levels. He explained that public‑sector oil marketers incurred cumulative losses of about ₹74,781 crore in the June half‑month, including under‑recovery of roughly ₹2.18 lakh crore, because they are still selling fuel refined from expensive crude bought during the West Asia conflict. Although Brent crude has dropped from around $119 to $70 per barrel after an interim US‑Iran peace deal, the stockpiled high‑cost crude will continue to influence pump prices. Private retailer Nayara Energy recently cut prices by ₹5 per litre for petrol and ₹3 for diesel, but state‑run companies have kept rates steady.

Puri added that India holds 76‑80 days of oil reserves and is expanding storage capacity to enhance energy security.