Hyderabad: Petrol and diesel prices increased again across the country on Saturday, adding to the burden on middle-class and common consumers.
State-run fuel retailers raised petrol prices by 87 paise per litre and diesel prices by 91 paise per litre. This marked the third fuel price hike this month.
Following the latest revision, petrol prices in Delhi climbed to ₹99.51 per litre. Diesel prices rose to ₹92.49 per litre.
The latest increase came within 10 days of earlier fuel price revisions. Oil companies have gradually passed rising crude oil costs to consumers.
International crude oil prices increased due to tensions in West Asia and supply concerns around the Strait of Hormuz.
Earlier, oil companies increased fuel prices by ₹3 per litre on May 15. Another hike of around 90 paise followed on May 19.
With the latest revision, fuel rates increased by nearly ₹5 per litre within just 10 days.
Petrol and diesel prices rise sharply in Hyderabad
Rates also increased in several major cities across the country.
In Kolkata, petrol prices rose to ₹110.64 per litre while diesel prices reached ₹97.02. Mumbai recorded petrol prices at ₹108.49 and diesel prices at ₹95.02 per litre.
Meanwhile, Chennai recorded petrol prices at ₹105.31 per litre and diesel prices at ₹96.98.
In Hyderabad, petrol rates increased to ₹112.81 per litre. Diesel prices climbed to ₹100.94 per litre after the latest hike.
Visakhapatnam recorded petrol prices at ₹113.53 per litre and diesel prices at ₹101.27.
Vehicle owners expressed concern over repeated hikes across the country.
Retail fuel prices had largely remained stable since April 2022. However, companies reduced prices by ₹2 per litre once in March 2024.
State-run oil marketing companies including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited suspended daily fuel price revisions in 2022.
The companies took the decision after volatility in global crude oil markets following Russia’s invasion of Ukraine.
However, crude oil prices have increased again because of the ongoing conflict in West Asia. India’s crude basket averaged around $69 per barrel in February.
Recent estimates showed prices rising to nearly $113-114 per barrel.
India imports nearly 90 per cent of its crude oil requirements. As a result, domestic fuel prices remain highly sensitive to global energy market fluctuations.