India’s June 18 petrol, diesel prices hold steady across six major cities despite Brent sliding below $78

The United States and Iran signed a memorandum of understanding, formally ending the war that began on February 28. Brent crude fell sharply to below $78 a barrel, wiping out most of the conflict-driven premium. Even with the drop in global oil prices, retail petrol and diesel prices across India’s six major cities were unchanged on June 18. Indian Oil’s refining under-recoveries narrowed sharply, with petrol falling to Rs 3 per litre from Rs 24 and diesel to Rs 27 per litre from Rs 105.