State-run oil marketing companies on Tuesday increased petrol and diesel prices for the second time in less than a week as global crude oil prices continue to surge.
Under the latest revision, petrol prices were raised by 86 paise per litre, while diesel became costlier by 83 paise per litre.
In Delhi, petrol is now priced at ₹98.64 per litre and diesel at ₹91.58 per litre.
The latest increase comes just days after oil companies raised petrol and diesel prices by ₹3 per litre on May 15 — the first major hike in over four years — amid escalating geopolitical tensions and a sharp rise in international crude oil prices linked to the ongoing US-Iran conflict.
With the fresh revision, fuel prices have reached their highest levels since May 2022.
The hike also follows consecutive increases in compressed natural gas (CNG) prices. On Sunday, Indraprastha Gas Limited (IGL) raised CNG prices by Re 1 per kg across its network, marking the second increase within 48 hours.
Global crude prices have climbed more than 50 per cent since tensions involving Iran intensified earlier this year, disrupting supplies through the Strait of Hormuz, a critical global oil transit route.
Last week’s fuel price revision had pushed petrol prices in Delhi up by ₹3.14 per litre to ₹97.77, while diesel prices rose by ₹3.11 per litre.
Oil companies had also increased CNG prices by ₹2 per kg earlier this month due to the impact of the West Asia conflict.
According to industry estimates, the country’s three major public sector oil retailers — Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited — are expected to incur combined losses of nearly ₹1.2 lakh crore in the first quarter of FY27 alone.