Petrol, Diesel Prices Stable on June 2 Amid Crude Oil Fluctuations

Petrol, Diesel price today (June 2): Petrol and diesel prices remained stable nationwide on Tuesday, June 2, 2026, despite recent increases in crude oil prices. Analysts indicate state-run oil companies are still facing marketing losses on both fuels. Global oil prices saw minor fluctuations amid U.S.-Iran ceasefire uncertainty and Strait of Hormuz prospects.

Petrol and diesel prices have remained stable across the country today, on June 2, 2026, with the exception of a few paise. In the last 20 days, the fuel prices have been increased for four times, with the latest increase of Rs 2.6 and Rs 2.7 per litre respectively last Monday. Despite four consecutive increases in petrol and diesel prices last month, state-run oil marketing companies (OMCs) are still incurring marketing losses of about Rs 5.5 per litre on petrol and Rs 4.5 per litre on diesel, according to analysts.

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Oil prices saw little change on Tuesday as markets continued to assess uncertainty surrounding the U.S.-Iran ceasefire negotiations and the prospects of reopening the Strait of Hormuz. Brent crude futures were up 6 cents, or 0.06%, at $95.04 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped 17 cents, or 0.18%, to $91.99 a barrel.

Petrol, Diesel price today

In Delhi, petrol is now priced at Rs 102.12 per litre, while diesel costs Rs 95.20 per litre. In India's financial capital Mumbai, petrol is retailing at Rs 111.18 per litre and you have to pay Rs 97.83 for one litre of diesel. Here is a list of petrol and diesel prices in metro cities on June 2:

Petrol Prices on June 2, 2026

CityPetrol (₹/litre)New Delhi102.12Mumbai111.21Kolkata113.51Chennai107.74Gurugram102.85Noida101.93Bengaluru110.93Bhubaneswar108.75Chandigarh101.56Hyderabad115.62Jaipur113.46Lucknow101.85Patna113.74Thiruvananthapuram114.95

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Diesel Prices on June 2, 2026

CityDiesel (₹/litre)New Delhi95.20Mumbai97.83Kolkata99.82Chennai99.55Gurugram95.64Noida95.42Bengaluru98.80Bhubaneswar100.63Chandigarh90.42Hyderabad102.54Jaipur98.92Lucknow95.47Patna100.46Thiruvananthapuram103.47

What affects petrol, diesel prices in India?

Petrol and diesel prices in India are influenced by a mix of global and domestic factors. The biggest factor is the price of crude oil in the international market, as crude oil is the key raw material used to make petrol and diesel. When global crude prices rise or fall, fuel prices in India can also be affected.

Another important factor is the rupee-dollar exchange rate. Since India imports a large share of its crude oil, a weaker rupee can make imports more expensive, while a stronger rupee can help reduce costs.

Taxes also play a major role. The Central government's excise duty and state governments' Value Added Tax (VAT) are added to fuel prices, which is why petrol and diesel rates vary from one city to another.

Do Petrol and Diesel prices change every day?

India follows a dynamic fuel pricing system, which allows Oil Marketing Companies (OMCs) such as Indian Oil, Bharat Petroleum and Hindustan Petroleum to review fuel prices every day.

However, daily review does not necessarily mean daily changes. Even though OMCs assess market conditions regularly, petrol and diesel prices may remain unchanged for days or even weeks. This can happen despite fluctuations in global crude oil prices, currency exchange rates, or international fuel markets.

When market conditions and policy considerations support a revision, oil companies may increase or decrease retail fuel prices. In short, fuel prices are checked every day, but they are not automatically revised every day.