Petrol, Diesel Price On 2 June: Check Fuel Rates In Mumbai, Bengaluru, Delhi, Kolkata Today

(MENAFN- Live Mint) Petrol and diesel prices remained largely unchanged across major cities on Tuesday, June 2, following a series of sharp increases in recent weeks. The last revision came on May 25, when oil marketing companies (OMCs) raised fuel prices by more than ₹2.50 per litre, adding further pressure on household budgets and transportation costs.

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The May 25 revision marked the fourth fuel price hike in less than two weeks, reflecting the delayed impact of surging global crude oil prices amid escalating tensions involving Iran. The steady rise in international oil markets has prompted OMCs to gradually pass on higher input costs to consumers.

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With the latest revision, cumulative fuel price increases since May 15 have climbed to nearly ₹7.50 per litre. Petrol and diesel rates have now reached their highest levels since May 2022, reversing much of the relief provided by the ₹2-per-litre price cut announced in March 2024. Consumers and businesses are closely monitoring developments in global energy markets for any signs of price stability.

Petrol prices in major cities on 1 June

Change in petrol and diesel prices

Petrol prices were raised by ₹2.61 a litre and diesel by ₹2.71 on Monday, the fourth increase.

In Delhi, petrol prices rose to ₹102.12 per litre from ₹99.51, while diesel climbed to ₹95.20 from ₹92.49.

Diesel prices in major cities on 1 June

Oil Prices Hold steady

Global oil prices held on to most of their recent gains in early trade on Tuesday as investors weighed uncertainty surrounding U.S.-Iran negotiations and concerns over the strategic Strait of Hormu, a key route for global crude shipments.

US President Donald Trump stated that talks with Iran were continuing, even as Iran's Tasnim news agency reported that Tehran had suspended indirect negotiations with Washington. The conflicting signals have raised concerns over future oil supplies and geopolitical stability in the Middle East.

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Brent crude futures edged up by 6 cents, or 0.06%, to $95.04 per barrel, while US West Texas Intermediate (WTI) crude slipped 17 cents, or 0.18%, to $91.99 per barrel during early Asian trading hours. Both benchmarks had surged more than 5% in the previous session amid fears of supply disruptions.

However, oil prices trimmed some gains after Trump said he had not been informed of any suspension in talks with Iran. Market sentiment also improved after reports suggested Israel had agreed to pull back forces that were preparing for military operations in southern Lebanon, easing concerns of a wider regional conflict.

Trump says Israel and Hezbollah have agreed to dial back fighting

US President Donald Trump on Monday claimed that Israel and Hezbollah had agreed to reduce hostilities following diplomatic engagements aimed at preventing further escalation in the region.

In a post on social media after speaking with Israeli Prime Minister Benjamin Netanyah, Trump said Israel would halt plans for deeper military action in Lebanon. He stated that no Israeli troops would advance toward Beirut and that forces previously moving in that direction had already been ordered to turn back.

Trump also said Hezbollah had agreed to stop attacks against Israel, while Israel would refrain from launching strikes against the Iran-backed group. The announcement came amid growing international concern over the possibility of a broader conflict in the Middle East.

Netanyahu later confirmed his conversation with Trump but adopted a more cautious tone. The Israeli leader emphasized that Israel would continue military operations in southern Lebanon and warned that any further Hezbollah attacks could trigger strikes on targets in Beirut. He reiterated that Israel's military plans would proceed as necessary to safeguard national security.

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