Petrol and diesel prices have once again been hiked in India. Oil marketing companies (OMCs) on Saturday increased petrol prices by Rs 0.87 per litre, while diesel prices were raised by Rs 0.91 per litre. This marks the third fuel price hike this month; in fact, its the third hike within eight days.
Earlier this week, petrol and diesel prices were raised by 90 paise per litre, following another increase of Rs 3 per litre a few days earlier. Before these revisions, state-run oil marketing companies (OMCs) had claimed they were bearing losses of nearly Rs 1,000 crore per month, according to the Centre.
Also Read: CNG prices hiked too
Meanwhile, IGL has also hike CNG prices by Rs 1 per kg - the third hike in 10 days. Following the latest revision, CNG prices in Delhi have risen to Rs 81.09 per kg, while consumers in Noida and Ghaziabad will now pay Rs 89.70 per kg.
State-run oil marketer BPCL on Tuesday said it is currently selling diesel at a loss of Rs 25-30 per litre and petrol at a loss of Rs 10-14 per litre. In contrast, private retailer Shell India is selling petrol at over Rs 115 per litre and diesel at more than Rs 126 per litre, according to a Bloomberg report.
Meanwhile, the Ministry of Petroleum and Natural Gas said India has adequate stocks of petrol and diesel and urged people not to resort to panic buying. In a post on X late Friday, the ministry said, “Responsible consumption and public cooperation will help ensure smooth fuel availability for everyone during the ongoing high-demand period.”
Following the hike, diesel in Delhi now costs Rs 92.49 per litre, while petrol is priced at Rs 99.51 per litre.
Latest Petrol prices in four major cities
- Delhi: Rs 99.51 (+0.87)
- Kolkata: Rs 110.64 (+0.94)
- Mumbai: Rs 108.49 (+0.90)
- Chennai: Rs 105.31 (+0.82)
Latest diesel prices in four major cities
- Delhi: Rs 92.49 (+0.91)
- Kolkata: Rs 97.02 (+0.95)
- Mumbai: Rs 95.02 (+0.94)
- Chennai: Rs 96.98 (+0.87)
What’s driving the surge?
The latest hike in petrol and diesel prices comes amid a sharp rise in international crude oil prices due to the ongoing conflict in the Middle East. India imports nearly 85% of its crude oil requirements, making domestic fuel prices highly sensitive to fluctuations in global oil markets.
On Friday, Brent crude futures rose $1.66, or 1.6%, to $104.24 a barrel by 0405 GMT, while U.S. West Texas Intermediate futures were up $1.11, or 1.2%, at $97.46. On a weekly basis, Brent was 4.6% lower and WTI was down 7.6%, with prices fluctuating sharply as expectations for a Iran peace deal shifted.
Over the past two years, India has relied heavily on discounted Russian crude to keep import costs under control. However, with global crude prices toppping USD 100 per barrel, state-run oil companies have started revising domestic fuel prices after keeping them largely unchanged for months.
