Petrol and diesel prices increased again across India today. State-run oil marketing companies announced the third fuel price hike this month as global crude oil prices continued to rise amid tensions in West Asia.
In Delhi, petrol prices rose by 87 paise to ₹99.51 per litre. Diesel prices increased by 91 paise to ₹92.49 per litre. Similar hikes were reported in Mumbai, Kolkata, Chennai, Gurugram and Noida.
The latest revision follows a ₹3-per-litre hike on May 16 and another increase of around 90 paise on May 19. Fuel prices have now risen by nearly ₹5 per litre within 10 days.
In Mumbai, petrol now costs ₹108.49 per litre, while diesel is priced at ₹95.02. Kolkata recorded petrol prices of ₹110.64 and diesel prices of ₹97.02. In Chennai, petrol reached ₹105.31 per litre and diesel touched ₹96.98. Petrol prices in Gurugram climbed to ₹100.38 per litre, while Noida recorded rates of ₹98.78.
Crude Oil Rally Continues Amid West Asia Conflict
The latest fuel price increase reflects continued volatility in global energy markets. The ongoing conflict in West Asia and fears over disruptions in the Strait of Hormuz have intensified concerns around oil supply.
India’s crude basket averaged around $69 per barrel in February. It has now surged to nearly $113-114 per barrel. India imports close to 85-90 per cent of its crude oil requirement. As a result, domestic fuel prices remain highly sensitive to changes in international markets.
Retail fuel prices had largely remained stable since April 2022 after oil marketing companies paused daily revisions following the Russian invasion of Ukraine. The government later announced a one-time reduction of ₹2 per litre in March 2024. However, the recent increases have erased much of that relief.
Economists say repeated fuel price hikes could increase transportation and logistics costs. Higher transport expenses may eventually affect the prices of essential goods and services.
Government Advises Against Panic Buying
The latest hike came a day after the Ministry of Petroleum and Natural Gas assured citizens that petrol and diesel supplies remain adequate across the country.
The ministry urged consumers not to panic buy fuel. It also said oil marketing companies are monitoring supplies and coordinating distribution efforts to manage temporary pressure at some retail outlets.
Earlier this week, long queues outside fuel stations in several cities triggered concerns over supply availability as tensions in West Asia escalated.
Meanwhile, Compressed Natural Gas prices also increased in Delhi. CNG prices rose by Re 1 per kilogram, taking the retail rate at Indraprastha Gas Limited stations to ₹81.09 per kg. The increase is likely to affect commuters and commercial vehicle operators.
State-run retailers including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited said the revisions are necessary to offset rising import costs and maintain stable fuel supplies.
