Petrol and diesel prices were hiked by 90 paise per litre on Tuesday in a second increase in less than a week. Last week, the government increased the fuel prices by Rs 3 per litre as the state-oil marketing companies (OMCs) were bearing a loss of Rs 1,000 crore per month, according to the Centre.
After the fresh hike, the petrol price in Delhi now stands at Rs 98.64 a litre, up from Rs 97.77 per litre in Delhi. Diesel now costs Rs 91.58 a litre against a previous price of Rs 90.67, reported news agency PTI. The latest revision comes days after fuel prices were raised by Rs 3 per litre on Friday.
ALSO READ: Petrol, diesel prices hiked by 90 paise per litre
Petrol, diesel prices rise in India
In the national capital, petrol became costlier by 87 paise per litre, while diesel saw an increase of 91 paise. In Mumbai, petrol costs Rs 107.59 per litre after a 91-paise hike, while diesel prices climbed 94 paise to Rs 94.08 per litre.
Kolkata saw the sharpest increase in petrol prices among the four metros, with rates jumping 96 paise to Rs 109.70 per litre. Diesel prices in the city also rose by 94 paise, reaching Rs 96.07 per litre.
In Chennai, petrol prices went up by 82 paise to Rs 104.49 per litre, while diesel became costlier by 86 paise, taking the rate to Rs 96.11 per litre. The latest revision marks the second fuel price hike within just five days, adding to concerns over rising transportation and daily commuting costs.
| City | Petrol Price (₹/litre) | Increase | Diesel Price (₹/litre) | Increase |
|---|---|---|---|---|
| Delhi | 98.64 | +0.87 | 91.58 | +0.91 |
| Mumbai | 107.59 | +0.91 | 94.08 | +0.94 |
| Kolkata | 109.70 | +0.96 | 96.07 | +0.94 |
| Chennai | 104.49 | +0.82 | 96.11 | +0.86 |
What's driving the surge?
The hike in petrol and diesel prices comes as international crude oil prices continue to rise sharply due to the ongoing conflict in Middle East. Brent Crude was trading above USD 111 per barrel on Monday, while WTI crossed USD 107. India imports nearly 85% of its crude oil requirement, making domestic fuel prices highly vulnerable to fluctuations in global oil markets. Concerns over possible disruptions in the Strait of Hormuz — one of the world’s most crucial oil shipping routes — have further intensified fears of supply shortages.
Another major trigger has been the expiry of a US sanctions waiver that had allowed continued trade in Russian seaborne oil. The waiver ended on Saturday following a temporary extension under the administration of Donald Trump.
Over the past two years, India has significantly relied on discounted Russian crude to keep import costs under control. However, with that cost advantage now under strain and global crude prices nearing USD 111 per barrel, state-run oil companies have begun revising domestic fuel prices after keeping them largely unchanged for months.
