Petrol, diesel prices increased fourth time since May 15; total hike nears Rs 7.5
Hyderabad: Petrol and diesel prices increased again on Monday as oil marketing companies announced the fourth fuel price hike since May 15, pushing cumulative increases close to Rs 7.5 per litre.
Companies raised petrol prices by Rs 2.61 per litre and diesel prices by Rs 2.71 per litre. The latest revision added further pressure on household budgets and transportation costs.
In Delhi, petrol prices rose to Rs 102.12 per litre from Rs 99.51. Diesel prices increased to Rs 95.20 per litre from Rs 92.49.
Meanwhile, petrol prices in Hyderabad climbed to Rs 115.73 per litre, while diesel rates touched Rs 103.82 per litre.
In Mumbai, petrol now costs Rs 111.21 per litre and diesel Rs 97.83 per litre. Kolkata recorded petrol prices at Rs 113.51 and diesel at Rs 99.82 per litre.
Chennai reported petrol prices at Rs 107.77 per litre and diesel at Rs 99.55 per litre. Fuel prices continued to vary between states because of differences in local taxes.
Fuel price hike linked to crude oil surge
The repeated fuel price hikes followed rising global crude oil prices and a weakening rupee. Both factors increased import costs for oil marketing companies.
Global crude prices reportedly surged more than 50 per cent since late February after tensions escalated in the Middle East and disrupted shipments through the Strait of Hormuz.
Fuel retailers first raised petrol and diesel prices by Rs 3 per litre on May 15. Companies later increased rates by 90 paise on May 19 and again by up to 91 paise on May 23.
Retail fuel prices had largely remained unchanged for nearly four years before revisions resumed earlier this month.
State-run retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd together control nearly 90 per cent of India’s fuel retail market.
Private companies also revised rates alongside public sector firms. Nayara Energy, Shell and Jio-BP implemented similar increases during the period.
According to reports, Nayara Energy increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre in March. Shell also raised petrol prices by Rs 7.41 per litre and diesel prices by up to Rs 25 per litre from April 1.
With the latest revision, petrol and diesel prices reached their highest levels since May 2022.