Fuel prices surged once again across India on Monday as petrol and diesel rates were increased for the fourth time in less than two weeks, intensifying concerns over inflation and rising household expenses.
Petrol prices were raised by ₹2.61 per litre, while diesel became costlier by ₹2.71 per litre.
The latest revision pushed fuel prices to their highest levels since May 2022.
Delhi Petrol Crosses ₹102 Per Litre
Following the fresh hike, fuel prices in New Delhi climbed sharply:
- Petrol: ₹102.12 per litre
- Diesel: ₹95.20 per litre
Earlier, petrol was priced at ₹99.51 while diesel stood at ₹92.49 per litre in the national capital.
Fuel Prices Have Increased Nearly ₹7.5 Since May 15
Since fuel price revisions resumed on May 15, petrol and diesel prices have cumulatively increased by nearly ₹7.5 per litre.
Timeline of Recent Fuel Price Hikes:
- May 15: ₹3 per litre increase
- May 19: 90 paise increase
- May 23: Petrol up by 87 paise, diesel by 91 paise
- May 25: Petrol up ₹2.61, diesel up ₹2.71
Latest Petrol and Diesel Prices in Major Cities
Mumbai
- Petrol: ₹111.21
- Diesel: ₹97.83
Kolkata
- Petrol: ₹113.51
- Diesel: ₹99.82
Chennai
- Petrol: ₹107.77
- Diesel: ₹99.55
Fuel rates vary from state to state due to differences in VAT and local taxes.
Why Are Fuel Prices Rising?
Analysts attribute the latest fuel price hike to:
- Rising global crude oil prices
- A weakening Indian rupee
- Supply disruptions linked to Middle East tensions
Crude oil prices have reportedly surged by more than 50% since late February after escalating tensions involving Iran, Israel, and disruptions around the Strait of Hormuz.
Oil Companies Revise Prices
State-owned fuel retailers:
- Indian Oil Corporation
- Bharat Petroleum Corporation Limited
- Hindustan Petroleum Corporation Limited
together control nearly 90% of India’s fuel retail market and have implemented the revised prices nationwide.
Private players including Nayara Energy, Shell plc, and Jio-bp have also adjusted their rates in line with public sector companies.
Rising Fuel Prices May Impact Inflation
Economists warn that repeated fuel hikes could further increase:
- Transportation costs
- Food prices
- Logistics expenses
- Daily commuting budgets
Consumers and businesses are now bracing for additional pressure if global oil prices continue to remain volatile in the coming weeks.
