Petrol-Diesel Rates: Crude oil has become cheaper; when will petrol and diesel prices drop? Check today's rates.

Petrol-Diesel Rates: There is no change in petrol and diesel prices today, despite a significant drop in international crude oil prices. Companies have also started earning healthy marketing margins.

Petrol-Diesel Rates (June 26): International crude oil prices have returned to the levels seen before the onset of conflicts involving Iran, the US, and Israel (around $72 per barrel). Despite this, petrol and diesel prices across the country remain unchanged today.

In late February, when tensions in West Asia escalated due to the conflict, crude oil prices crossed the $ 120-per-barrel mark. However, prices have now normalized. This is expected to reduce India's import bill, thereby improving the government's fiscal position and easing inflationary pressure.

Companies Now Earning Healthy Margins

Surprisingly, however, despite the drop in international crude oil prices, state-run Oil Marketing Companies (OMCs) have not altered pump prices.

Industry data indicates that when crude oil prices surged, petrol and diesel prices were raised by approximately ₹7.50 per liter; yet, following the recent decline, no announcement regarding a price reduction has been made so far.

News agency PTI, citing officials, reported that state-run oil marketing companies are currently earning a healthy marketing margin on petrol sales, although diesel is still being sold at a marginal loss.

Oil Companies Absorbed the Loss

They explained that when crude oil prices peaked during the height of the West Asia crisis, state-run oil companies absorbed the burden themselves to provide relief to the general public. It was only in May that a partial hike of approximately ₹7.50 was implemented for fuel prices. Even then, however, the state-run oil companies continued to incur losses. Industry officials also noted that domestic fuel prices are not linked to daily fluctuations in the global crude market. Instead, price adjustments are generally based on the average price of crude over the preceding two weeks or a month. Consequently, it may take some time for the benefits of the recent drop in crude prices to reach consumers, provided international prices remain low for a sustained period.

City-wise petrol and diesel prices