Fuel prices increased again on Monday, with petrol becoming costlier by Rs 2.61 per litre and diesel by Rs 2.71 per litre. This is the fourth hike in less than two weeks, adding pressure on household budgets and transportation costs amid rising global crude oil prices.
Since fuel price revisions resumed on May 15 after a long freeze, petrol and diesel prices have gone up by nearly Rs 7.5 per litre in total. In Delhi, petrol prices rose from Rs 99.51 to Rs 102.12 per litre, while diesel increased from Rs 92.49 to Rs 95.20 per litre, according to industry sources.
The steady rise in fuel prices is being driven by high international crude oil rates and a weakening rupee, which have increased import costs for oil marketing companies. Fuel prices had largely remained unchanged for nearly four years before revisions restarted this month.
The first hike came on May 15, when petrol and diesel prices were raised by Rs 3 per litre each. Another increase followed on May 19, with rates going up by 90 paise per litre. On May 23, petrol prices were increased by 87 paise and diesel by 91 paise per litre.
Following Monday’s revision, petrol prices in Mumbai touched Rs 111.21 per litre, while diesel was priced at Rs 97.83 per litre. In Kolkata, petrol costs Rs 113.51 per litre and diesel Rs 99.82 per litre. Chennai recorded petrol prices at Rs 107.77 per litre and diesel at Rs 99.55 per litre.
Fuel rates continue to differ across states due to variations in local taxes.
Public sector oil companies — Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd — together account for nearly 90 per cent of India’s fuel retail market.
The repeated increase in fuel prices follows a sharp rise in global crude oil rates, which have surged by over 50 per cent since late February after US-Israeli strikes on Iran and disruptions in shipments through the Strait of Hormuz, a key route for global oil supplies.
Despite rising input costs during the early months of the conflict, fuel retailers had initially kept prices unchanged to reduce the burden on consumers.
Private fuel retailers also revised prices in line with state-run companies. Nayara Energy increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre in March, while Shell raised petrol prices by Rs 7.41 per litre and diesel prices by as much as Rs 25 per litre from April 1.
Jio-bp, the fuel retail joint venture between Reliance Industries and BP Plc, also aligned its prices with those of public sector oil companies.
With the latest hike, petrol and diesel prices have reached their highest levels since May 2022.