Govt hikes petrol, diesel prices by ₹3 per litre

Petrol and diesel prices were raised by ₹3 per litre each on Friday, with state-run oil marketing companies passing on part of the recent spike in global energy prices to consumers.

Following the revision, petrol in Delhi now costs ₹97.77 per litre, up from ₹94.77, while diesel has risen to ₹90.67 per litre from ₹87.67, according to PTI.

The hike has pushed up fuel prices across major metros. In Mumbai, petrol now costs ₹106.68 per litre and diesel ₹93.14. In Kolkata, petrol is priced at ₹108.74 and diesel at ₹95.13, while in Chennai, petrol stands at ₹103.67 and diesel at ₹95.25 per litre.

Despite mounting pressure from rising crude prices, state-owned oil companies had held petrol and diesel rates steady for the past 11 weeks, absorbing much of the burden before partially passing it on as financial pressure intensified.

According to PTI, the latest increase covers only a fraction of the rise warranted by the sharp jump in international energy prices since the outbreak of the West Asia conflict.

Fuel prices had remained unchanged since April 2022, except for a one-time ₹2 per litre cut in both petrol and diesel in March 2024 ahead of the Lok Sabha elections.

Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum had suspended daily fuel price revisions in April 2022 to shield domestic consumers after Russia’s invasion of Ukraine sent global crude prices soaring. While the companies posted heavy losses in the first half of FY23, easing international prices later helped them recover.

That relief, however, has faded. Renewed tensions in West Asia have pushed global oil prices up by more than 50% again. India’s crude import basket, which averaged $69 a barrel in February, has climbed to around $113-$114 per barrel in the months since the conflict escalated.