OPEC means ‘Organization of Petroleum Exporting Countries’ (Organization of Oil Exporting Countries). Its 11 member countries produced 19.43 million barrels of crude oil every day in June. A month earlier, daily output was just 3.3 million barrels. However, this figure is much lower than the normal level. News agency Reuters gave information about this development. Despite this news, crude oil prices remained slightly higher in the international market on Friday. However, government companies selling petrol and diesel in India did not change the prices on Saturday, July 4, 2026. Domestic prices remain the same from May 25, 2026.
**Prices increased four times in May 2026**
After the end of assembly elections in five states, including West Bengal, petroleum companies had increased prices four times in May this year. This increase happened in just 11 days. Government petroleum companies first increased petrol prices by ₹3 and diesel prices by ₹3.29 on 15 May 2026. After this, the prices were increased on 19 May (₹ 0.87 in petrol, ₹ 0.91 in diesel), 23 May (₹ 0.87 in petrol, ₹ 0.91 in diesel) and 25 May (₹ 2.61 in petrol, ₹ 2.71 in diesel). There has been no change in prices since then.
**Petrol prices in 4 big cities**
According to information received from oil companies, petrol is currently being sold at ₹ 102.12 per liter in Delhi. The price in Kolkata is ₹113.51, in Mumbai ₹111.21 and in Chennai ₹107.77.
**Diesel Prices**
According to government oil companies, the price of diesel in Delhi is ₹ 95.20 per liter. It is ₹99.02 per liter in Kolkata, ₹97.83 in Mumbai and ₹99.55 in Chennai. Crude oil prices have increased significantly recently; The price has increased by almost 50% since the conflict with Iran began. **Crude oil prices increased again**
According to a survey by news agency Reuters, 11 member countries of OPEC (Organization of Petroleum Exporting Countries) increased their production in June. These countries produced 19.43 million barrels of crude oil every day last month. In contrast, last month (May 2026) daily production was only 3.3 million barrels. Despite this increase in supply, crude oil prices closed slightly higher in the international market on Friday. By the end of trading on Friday, benchmark Brent crude closed at $72.12 per barrel, up 0.45% (ie $0.32). US WTI crude also closed at $68.78 per barrel, up 0.13% (i.e. $0.09 per barrel).
**Nayara reduced the prices of petrol and diesel**
India’s largest private fuel retailer, Nayara Energy, had reduced the prices of both petrol and diesel three days ago, effective from July 1, 2026. The company had reduced petrol prices by ₹5 per liter and diesel prices by ₹3 per litre.
**When will government oil companies reduce prices?**
Union Petroleum Minister Hardeep Singh Puri has answered the question as to when India’s government oil companies (IOC, HPCL, BPCL) can reduce prices. Speaking to reporters on Friday evening, he said the government will review the situation if crude oil prices remain stable. “Petrol and diesel prices are decided based on the supplies purchased a few months ago. If the current situation continues, we will reconsider the matter,” Puri said.
