Petrol, diesel prices today: How costly is fuel in Chennai, Bengaluru, Delhi, Kolkata, Mumbai, other cities on 23 June?

Petrol and diesel prices today: Fuel prices stood steady on Tuesday, despite marginal changes. Following latest developments over the Strait of Hormuz, the strategic waterway through which one-fifth of global fuel trade takes places, oil prices rebounded on 23 June after witnessing a sharp fall the previous session. Supported by tempered optimism over US-Iran peace talks, Brent crude futures climbed 0.38% by 24 cents, to trade around $78.15 a barrel, Reuters reported.

As US and Iran head for more discussions on a permanent peace deal, the price of the Indian basket crude oil remained elevated despite easing in June from the peak observed in April. Oil marketing companies (OMCs) increased the cost of both petrol and diesel in the wake of disruptions to global energy supply chains. Notably, retail refiners increased the price of both petrol and diesel by more than ₹2.50 per litre in the latest hike that came about on 25 May, resulting in cumulative increase of about ₹7.50 and ₹7.60 per litre in petrol and diesel prices, respectively.

Since May 2022, the price of petrol and diesel in India are at their highest levels which remained largely frozen for more than two years, barring a ₹2-per-litre cut in March 2024. OMCs have been incurring severe under-recoveries since international crude prices spiked due to West Asia war. Retail adjustments were made last month to transfer some of the burden of volatile global oil prices to consumers. Let's have a look at latest city-wise petrol and diesel rates today.

Reacting on the latest developments over Hormuz, KCM Trade's chief market analyst Tim Waterer told Reuters, “There remains a prevailing dose of market scepticism, rooted in deep-seated mistrust between Washington and Tehran, suggesting that any return to pre-war oil prices is likely to be delayed rather than immediate.”

He added, “The market had priced in optimism around the roadmap and potential Strait of Hormuz reopening, but traders are now taking a more measured approach as they await concrete evidence that the deal will hold and traffic will normalise.”

US President Donald Trump in a post on Truth Social on Monday said, “Everybody is fully aware that Iran will agree to have Major Weapons Inspections in order to ensure “Nuclear Honesty” long into the future.” Later, he warned Tehran against failing to comply with the terms of truce and said, "If Iran doesn't live up to their agreement, or if they're not behaving, I will do what I have to do," Reuters reported.

The Reserve Bank Bulletin said on Monday said that India's growth may face headwinds due to any setback to the US-Iran agreement and an adverse southwest monsoon.

RBI's article on State of the Economy published in the June Bulletin suggested that geopolitical tensions and trade disruptions persisted despite the recent interim peace deal in West Asia. Asserting that the global economic landscape remains fragile, it noted, “Any breakdown of the agreement may reignite material risks in terms of inflationary expectations, disrupted critical energy infrastructure, delayed investment spending, food security concerns, adverse financial stability outlook and structurally lower growth.”

According to the article, Indian economy performed much better during this turbulent period considering the fundamentals relative to many other countries. India witnessed 7.8 per cent growth in Q4 2025-26, supported by private consumption and fixed investment, it said.

It further mentioned that the inflation in 'personal care, social protection and miscellaneous goods and services' remained the highest as 8 out of 12 divisions witnessed a sequential increase in inflation in May.

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