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Petrol and diesel prices across India remain broadly steady today after prices were increased by up to 90 paise per litre on Tuesday, marking the second hike in less than a week amid elevated global crude oil prices.
Petrol and diesel prices across India remain broadly steady today after prices were increased by up to 90 paise per litre on Tuesday, marking the second hike in less than a week amid elevated global crude oil prices.Petrol and diesel prices across India remained largely steady on Wednesday, a day after state-run oil marketing companies implemented another round of price hikes, raising rates by up to 90 paise per litre. The increase marked the second hike in less than a week amid elevated global crude oil prices.
Industry sources said petrol prices in the national capital were revised to ₹98.64 per litre from ₹97.77 earlier, while diesel rates rose to ₹91.58 per litre from ₹90.67.
Latest price updates issued by Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited showed limited movement in fuel prices across major cities, with variations driven by local value-added tax rates and freight costs.
City-wise petrol prices today
Petrol and diesel prices were raised by around 90 paise per litre on 19 May across several metros, including Delhi, Mumbai, Bengaluru and Kolkata, marking the second increase in less than a week. The latest revision follows an earlier ₹3-per-litre hike.
City-wise diesel prices today
₹3-per-litre hike last week
The latest revision comes days after public sector fuel retailers increased petrol and diesel prices by ₹3 per litre on 15 May, the first major fuel price hike in more than four years. According to Reuters, the increase was aimed at partly offsetting losses suffered by retailers due to the sharp rise in global crude oil prices.
Before the last revision, petrol in Delhi was retailing at ₹94.77 per litre while diesel was priced at ₹87.67 per litre.
The recent fuel price increases have largely been linked to volatility in crude oil markets amid geopolitical tensions in West Asia. Reuters reported on Tuesday that Brent crude prices slipped 2.4% to $109.43 per barrel after US President Donald Trump paused a planned military strike against Iran, easing concerns over an immediate escalation in the region.
However, crude oil prices remain higher than levels seen earlier this year. Reuters had earlier reported that Brent crude climbed to two-week highs amid fears of supply disruptions linked to the Iran conflict and uncertainty around shipping movements through the Strait of Hormuz.
A Reuters report published on 15 May said India’s fuel retailers increased petrol and diesel prices because existing retail rates were insufficient to cover losses caused by higher crude procurement costs. The report added that the ₹3-per-litre increase was still lower than the hike required for OMCs to fully recover losses on fuel sales.
Previous LiveMint reports cite the possibility of further fuel price increases if crude oil prices remain elevated for a prolonged period. Mint, citing brokerage Emkay Global Financial Services, had earlier reported that petrol and diesel prices could rise by another ₹18-20 per litre over the next three to six months if crude prices continue to remain high.
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