Petrol and Diesel Prices Today: Latest Fuel Rates Across Major Cities and States in India

Petrol and diesel prices across most Indian cities remained unchanged on 2 July 2026, even as international crude oil prices continued to trade near multi-week lows. While public-sector oil marketing companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) have maintained existing retail fuel prices, Nayara Energy has become the first major fuel retailer in over two years to reduce pump prices, cutting petrol by ₹5 per litre and diesel by ₹3 per litre across its retail network.

The latest price cut comes after Brent crude retreated to around US$71–72 per barrel following easing geopolitical tensions in the Middle East. Although lower crude prices have raised expectations of broader fuel price reductions, state-run OMCs have yet to announce any nationwide revision, citing factors such as taxation, inventory costs and pricing strategy.

Fuel Market Snapshot

Petrol & Diesel Prices in Major Indian Cities (2 July 2026)

Retail fuel prices may vary slightly across outlets due to dealer commissions and local taxes.

State-wise Petrol Prices

State-wise Diesel Prices

[Nayara Energy Slashes Fuel Prices](https://welomoney.com/articles/commodity/petrol-prices-slashed-by-5-diesel-by-3-nayara-energy-announces-big-fuel-price-cut+

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Nayara Energy has reduced petrol prices by ₹5 per litre and diesel prices by ₹3 per litre across nearly 7,000 retail fuel stations nationwide. The move marks the first major retail fuel price cut by a private fuel retailer in more than two years and provides immediate relief to customers filling up at Nayara outlets.

Why Public-Sector OMCs Haven't Cut Prices

Despite the decline in global crude oil prices, public-sector fuel retailers including Indian Oil, Bharat Petroleum and Hindustan Petroleum have kept retail prices unchanged. Domestic fuel pricing depends on several factors beyond crude oil prices, including central excise duty, state VAT, dealer commissions, freight charges, exchange rate movements and inventory purchased at earlier, higher crude prices.

Why Fuel Prices Are Being Closely Watched

Brent crude has fallen back to around US$71–72 per barrel, significantly lower than the levels seen during the recent Middle East conflict. The decline has eased pressure on refiners and strengthened market expectations that state-run OMCs could consider passing on some of the benefit to consumers if crude prices remain stable in the coming weeks.

Market Outlook

Fuel prices are expected to remain stable in the near term unless there is a sustained decline in global crude oil prices or a policy decision by public-sector oil companies. While Nayara Energy has already reduced prices, investors and consumers will closely watch whether IOC, BPCL and HPCL follow with similar revisions. Any prolonged stability in Brent crude around the US$70–72 per barrel range could increase pressure for broader retail fuel price cuts across India.

Key Takeaways

Have petrol and diesel prices changed today?

No. Public-sector oil companies have kept fuel prices unchanged on 2 July 2026, while Nayara Energy has reduced prices at its retail outlets.

Which company has reduced fuel prices?

Nayara Energy has cut petrol prices by ₹5 per litre and diesel prices by ₹3 per litre across its fuel stations.

Why haven't state-run oil companies reduced prices?

Retail fuel prices are influenced by taxes, dealer commissions, inventory costs, exchange rates and government pricing policies, not just global crude oil prices.

What is the petrol price in Delhi today?

Petrol is priced at ₹102.12 per litre, while diesel is ₹95.20 per litre in Delhi.

Will petrol and diesel prices fall further?

If Brent crude remains near US$70–72 per barrel for an extended period, analysts expect pressure to build on public-sector OMCs to consider retail price reductions.