Petrol and diesel prices were hiked by Rs 3 per litre on Friday, days after Prime Minister Narendra Modi urged the masses to work from home owing to the global supply disruptions amid the US-Iran war.
Petrol became costlier by Rs 3.14 per litre, reaching up to Rs 97.77, while diesel has risen by Rs 3.11 per litre to Rs 90.67.The price hike comes 16 days after state assembly elections in Assam, Tamil Nadu, West Bengal. Polls in Assam and Kerala were held on 9 April; in Tamil Nadu and the first phase of voting in West Bengal on 23 April, and ended on 29 April with the second phase of polling in West Bengal.
Check The Revised Fuel Prices Here:
Regular Petrol: Rs 94.77 to Rs 97.91 per litre
Premium Petrol: Rs 102–104 to Rs 105.14–107.14 per litre
Regular Diesel: Rs 87.67 to Rs 90.78 per litre
What Is The Price Of Petrol In Each State
In Delhi, the diesel prices have increased to Rs 90.67 (+3.00).
In Kolkata, the price of diesel has increased to Rs 95.13 (+3.11).
For the people of Mumbai, the price of diesel stands at 106.68 (+3.14).
In Chennai, it was increased to Rs 103.67 (+2.83).
ALSO READ: Petrol And Diesel Prices May Rise Soon If West Asia Crisis Continues, Warns RBI Governor
HSD (diesel) Prices (in Rs per liter):
In Delhi, the petrol prices increased to Rs 90.67 (+3.00).
In Kolkata, the prices hiked to Rs 95.13 (+3.11).
For Mumbaikars, the diesel prices increased to Rs 93.14 (+3.11).
In Chennai, the price of diesel increased to 95.25 (+2.86).
Why Have The Fuel Prices Hiked?
According to rreports, the oil firms were losing nearly Rs 1000 crore every day amid the global energy crisis. The finance ministry was unable to bear the burden of covering the losses of the oil companies. The increase in fuel price comes amid heightened volatility in global crude oil markets following the escalating conflict between the US and Iran, which has raised concerns over disruptions to oil supply routes in the Middle East.
Prices have remained unchanged since April 2022. However, a one-off reduction of Rs 2 a litre each on petrol and diesel in March 2024 took place just before the Lok Sabha elections.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had abandoned the daily price revision in April 2022 to insulate domestic consumers from a steep price increase that was warranted because of international oil prices shooting through the roof post Russia's invasion of Ukraine.
The companies incurred heavy losses in the first half of the 2022-23 fiscal year, which they recouped when rates fell in subsequent months.
But the war in West Asia has again sent international oil prices soaring by over 50 per cent. The basket of crude oil that India imports averaged USD 69 per barrel in February before the war in West Asia broke out. It averaged USD 113-114 per barrel in subsequent months.
Before the revision, panic buying was reported at several petrol pumps across cities from Thursday evening, with consumers rushing to refill tanks amid rumours of an impending shortage and price rise.