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Fuel Prices Hold Steady Amidst Geopolitical Shifts
19 Jun
Summary
- Fuel prices remained unchanged on June 19th, 2026.
- Brent crude experienced volatility after a US-Iran peace deal.
- Oil prices are expected to normalize by October, according to Goldman Sachs.
On June 19th, 2026, petrol and diesel prices remained stable across India, aligning with revisions from May 25th. State-run oil companies had previously enacted cumulative increases of approximately ₹7.50 per litre on petrol to manage volatile global oil prices and their own under-recoveries.
These adjustments followed earlier hikes, with the first increase in over four years occurring on May 15th. Geopolitical tensions, particularly concerning the Strait of Hormuz and Iran-backed Hezbollah, initially caused fluctuations in Brent crude prices. However, an interim peace deal between the United States and Iran led to downward pressure on oil prices.
Oil tankers resumed passage through the Strait of Hormuz, a critical global oil transport route. Despite this, oil costs remain higher than pre-war levels. Analysts, such as those at Goldman Sachs, project a gradual recovery in oil flows through the Strait, with Gulf exports expected to normalize by the end of July and crude production by October.
