Petrol, diesel prices hiked by ₹3 per litre

New Delhi: Petrol and diesel prices were increased by Rs 3 per litre each on Friday, as oil marketing companies passed on part of the recent rise in global energy prices to consumers. CNG rates were also hiked by Rs 2 per kg.

With the latest revision, petrol in Delhi now costs Rs 97.77 per litre, compared to the earlier Rs 94.77, while diesel prices have risen from Rs 87.67 to Rs 90.67 per litre, according to PTI.

Fuel prices were similarly revised across major cities. Petrol now costs Rs 108.74 per litre in Kolkata, Rs 106.68 in Mumbai, and Rs 103.67 in Chennai. Diesel prices have increased to Rs 95.13 per litre in Kolkata, Rs 93.14 in Mumbai, and Rs 95.25 in Chennai.

Despite mounting costs, state-run oil companies had kept petrol and diesel prices unchanged for nearly 11 weeks, opting for only a partial hike after financial pressure became difficult to absorb, PTI reported.

The latest increase accounts for only a fraction of the rise required to fully offset the spike in global energy prices following the outbreak of conflict in West Asia.

Fuel rates had remained unchanged since April 2022, barring a one-time reduction of Rs 2 per litre on petrol and diesel announced in March 2024 ahead of the Lok Sabha elections.

Indian Oil, BPCL and HPCL had suspended daily fuel price revisions in April 2022 to protect consumers from sharp increases triggered by the Russia-Ukraine war, which had sent crude oil prices soaring globally. Although the companies suffered heavy losses during the first half of FY 2022-23, they later recovered as international crude prices eased.

However, renewed tensions in West Asia have once again driven up global oil prices by more than 50%. India’s crude oil import basket, which averaged around $69 per barrel in February before the conflict, climbed to nearly $113-$114 per barrel in the months that followed.