Petrol and diesel prices remained unchanged across major Indian cities on June 2, offering temporary relief to consumers after a string of fuel price increases over the past few weeks. The pause comes after oil marketing companies (OMCs) revised rates on May 25, pushing petrol and diesel prices up by more than ₹2.50 per litre.
The latest increase was the fourth fuel price revision in less than two weeks, taking cumulative hikes since May 15 to nearly ₹7.50 per litre. As a result, fuel rates have climbed to their highest levels since May 2022, erasing much of the benefit from the ₹2-per-litre reduction announced in March 2024.
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Fuel prices hold firm across major cities
On June 2, petrol continued to retail at ₹102.12 per litre in Delhi, ₹111.21 in Mumbai, ₹113.51 in Kolkata, and ₹107.87 in Chennai. Bengaluru recorded petrol prices at ₹110.89 per litre, while Hyderabad remained among the costliest markets at ₹115.69 per litre.
Diesel prices also stayed unchanged, with rates at ₹95.20 per litre in Delhi, ₹97.83 in Mumbai, ₹99.82 in Kolkata, and ₹99.65 in Chennai. In Hyderabad, diesel was selling at ₹103.82 per litre.
The most recent revision on May 25 saw petrol prices rise by ₹2.61 per litre and diesel by ₹2.71 per litre. In the national capital, petrol moved up from ₹99.51 to ₹102.12 per litre, while diesel increased from ₹92.49 to ₹95.20.
Global oil market remains in focus
Fuel consumers are closely watching international crude oil prices, which continue to be influenced by developments in the Middle East.
Brent crude futures were trading at $95.04 per barrel in early Asian trade, up 6 cents or 0.06%. Meanwhile, US West Texas Intermediate (WTI) crude slipped 17 cents, or 0.18%, to $91.99 per barrel. Both benchmarks had gained more than 5% in the previous session amid concerns over possible supply disruptions.
Market sentiment has largely been shaped by uncertainty surrounding US-Iran negotiations and concerns over the Strait of Hormuz, a critical route for global oil shipments.
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Trump claims de-escalation between Israel and Hezbollah
US President Donald Trump on Monday said Israel and Hezbollah had agreed to reduce hostilities following diplomatic efforts aimed at preventing a wider conflict.
In a social media post after speaking with Israeli Prime Minister Benjamin Netanyahu, Trump said Israel would halt plans for deeper military operations in Lebanon. He stated that no Israeli troops would move toward Beirut and that forces already heading in that direction had been instructed 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.
שוחחתי הערב עם הנשיא טראמפ ואמרתי לו שאם חיזבאללה לא יחדל לתקוף את ערינו ואזרחינו – ישראל תתקוף מטרות טרור בביירות.
עמדתנו זו עומדת בעינה.
במקביל, צה״ל ימשיך לפעול כמתוכנן בדרום לבנון.
— Benjamin Netanyahu – בנימין נתניהו (@netanyahu) June 1, 2026
Netanyahu later confirmed speaking with Trump but indicated that Israel would continue operations in southern Lebanon and warned that any future Hezbollah attacks could prompt strikes on targets in Beirut.
