Will Petrol Prices Rise? All Eyes on Trump’s Tariff Deadline
Despite growing pressure from global events and the looming US tariff deadline on July 9, fuel prices in India remained unchanged on Monday. Consumers in major metros continue to pay stable rates:
New Delhi: Despite growing pressure from global events and the looming US tariff deadline on July 9, fuel prices in India remained unchanged on Monday. Consumers in major metros continue to pay stable rates:
- Delhi: Petrol ₹94.77/litre, Diesel ₹87.67/litre
- Mumbai: Petrol ₹103.50/litre, Diesel ₹90.03/litre
- Chennai: Petrol ₹100.80/litre, Diesel ₹92.39/litre
- Kolkata: Petrol ₹105.41/litre, Diesel ₹92.02/litre
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This marks consistent domestic prices since March 2024, following a ₹2 per litre price cut, and a steady trend since May 2022 due to central and state tax reductions.
How Fuel Prices Are Dictated: Daily Reviews & Global Variables
India follows a dynamic fuel pricing model, where oil marketing companies like Indian Oil Corp adjust prices daily at 6:00 a.m., based on:
Also Read: New US Tariff Deadline: What It Means for India and Global Trade
- International crude oil rates
- Rupee–US dollar exchange rate
- Global demand trends
- Geo-political risks affecting trade flows
These indicators directly influence petrol and diesel prices across the country.
Oil Market Snapshot: Trump’s Tariff Deadline in Focus
Global crude prices remain choppy amid upcoming US tariff impositions on July 9. A recent trade deal announcement with Vietnam slowed the momentum, easing crude volatility.
- Brent crude: $67.66/barrel (–0.94%)
- WTI August futures: $65.85/barrel (–1.72%)
Despite a 12% drop in the last two weeks, the market is stabilizing as geopolitical tensions and trade policy risks influence pricing.
What Lies Ahead for Consumers?
- Short-term outlook: Expect fuel prices to remain stable until July 9, with possible market reactions thereafter.
- Long-term factors: Post-tariff developments will be crucial—continued diplomatic resolutions may prevent a sharp surge in oil prices and hence limit retail price hikes.
