Fuel prices have risen sharply in recent weeks as geopolitical tensions in West Asia (the Middle East) have affected global energy markets.
Published: June 21, 2026, 9:45 AM IST
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Petrol, Diesel rates in India
New Delhi: The people of India are waiting eagerly for the government to announce a cut in petrol and diesel prices following the decline in crude oil rates. It is important to note that the crude oil prices had fallen after the agreement reached between the United States and Iran, but prices have started rising again following Israeli strikes.
On Saturday, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri indicated that petrol and diesel prices could be reduced if the recently purchased lower-cost crude oil reaches Indian refineries. The minister also asserted that despite significant volatility in global oil markets, the increase in domestic fuel prices has remained very limited.
Minister Says It Will Take Some Time
Hardeep Singh Puri, while addressing a press conference in Uttar Pradesh’s Sonbhadra district, said that oil marketing companies (OMCs) are currently processing crude oil that was purchased at higher prices. Therefore, it will take some time for the recent decline in international crude oil prices to be reflected in retail petrol and diesel prices.
The minister also said that the oil marketing companies currently have inventories of crude oil purchased at higher prices. Once the crude bought at lower rates reaches them, fuel prices are likely to come down.
Minister Explains Fuel Price Stability
Union Minister Hardeep Singh Puri has said fuel prices in India have remained relatively stable despite disruptions in global energy markets and geopolitical tensions, particularly around the Strait of Hormuz. Puri said, “If we look at the actual situation, petrol and diesel prices in the country have not increased proportionately to the fluctuations seen in global markets.”
Here are some of the key details:
- Fuel prices have risen sharply in recent weeks as geopolitical tensions in West Asia (the Middle East) have affected global energy markets.
- Since the onset of the Middle East crisis, petrol and diesel prices have increased by nearly Rs 7.5 per litre
- There have been multiple price revisions taking place within a short period.
- The increase has heightened concerns over inflation, transportation costs, and pressure on household budgets.
- Higher fuel prices have also impacted logistics and supply chains.
PM Modi ‘tough cookie’, ‘great leader,’ has been in power for over 12 years: Donald Trump
US President Donald Trump lavished praise on Prime Minister Narendra Modi, saying he is a “great leader” and “tough guy”, who has been in power for more than 12 years. In an interview with Axios, Trump referred to China’s President Xi Jinping and Modi as the two greatest leaders he likes the most in terms of power and leverage, and the ability to execute on that.
“I think Modi is very good. Yeah. They’ve had some very good numbers announced. He stays out of wars, which is smart. He’s 1.5 billion people. He’s actually the biggest. India’s actually the biggest. And Modi’s a great leader,” Trump said in response to a question on the two greatest leaders he likes the most for their power, leverage and the ability to deliver results.
Trump said the US does a lot of business with India, which earlier used to “rip us off”. “And we do a lot of business with them, but now we do fair business. They used to really rip us off. I don’t blame them for that. You know, we had stupid politicians that allowed that to happen. But now we do a lot of business,” Trump said.
“They’re not that happy about it because they used to do a lot better. So Modi’s great,” Trump said.
The US President hailed Xi as a leader of great stature and confidence. If you were going to make a movie about either one of them, you wouldn’t be able to find the man in Hollywood,” Trump said.
