Fuel Gets Costlier Again: Petrol, Diesel Prices Hiked By Over Rs 2; Spike Crosses Rs 7.5/Litre In Two Weeks

Fuel Price Hike News Today: Petrol and diesel prices were raised by Rs 2.61-2.71 per litre on Monday, marking the fourth increase in less than two weeks as state-owned fuel retailers continued to pass on rising international oil prices to consumers.

With the latest revision, cumulative increases in petrol and diesel prices have nearly touched Rs 7.5 per litre since fuel price revisions resumed on May 15 after a prolonged freeze, stoking concerns over inflationary pressures and higher transportation costs across the economy.

The latest revision pushed petrol prices higher by Rs 2.61 per litre and diesel by Rs 2.71, news agency PTI reported citing industry sources.

Petrol and diesel prices in Delhi 

Petrol prices were raised to Rs 102.12 a litre in Delhi from Rs 99.51 previously, while diesel rates were increased to Rs 95.20 per litre from Rs 92.49.

The back-to-back increases follow a prolonged freeze in retail fuel prices and come amid elevated crude oil prices in the global market, tightening refining margins, and a weaker rupee, which have sharply raised the cost of imports.

Recent hike in fuel prices

Petrol and diesel prices were increased on May 15 by Rs 3 per litre each, and on May 19 by 90 paise a litre. This was followed by an 87-paise per litre increase in petrol and a 91-paise hike in diesel rates on May 23.

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After Monday's increase, petrol at PSU pumps in Mumbai now costs Rs 111.21 per litre and diesel Rs 97.83, while prices in Kolkata rose to Rs 113.51 and Rs 99.82, respectively. In Chennai, petrol is priced at Rs 107.77 and diesel at Rs 99.55.

Prices vary across states due to local taxes.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together control 90 per cent of India's fuel market.

The back-to-back increases come after global crude oil prices surged more than 50 per cent since late February following US-Israeli strikes on Iran and disruptions to shipments through the Strait of Hormuz, a critical global oil transit route.

Petrol and diesel prices at highest point since May 2022

Fuel retailers had in the first two-and-half-months of the conflict kept pump prices low despite rising input costs, a move the government said was aimed at shielding consumers from inflation. Opposition parties, however, accused the government of delaying price revisions until after key state elections.

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Petrol and diesel prices are now at their highest levels since May 2022. Rates had remained frozen since April 2022 except for a Rs 2-per-litre cut in March 2024 ahead of national elections.

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