Petrol, diesel prices raised by up to ₹2.87/litre; cumulative hike tops ₹7.5 since May 15

Petrol and diesel prices were hiked by up to ₹2.87 per litre on Monday, marking the fourth increase in less than two weeks, as state-owned fuel retailers continued to pass on rising international crude prices to consumers.

With the latest revision, petrol prices in Delhi crossed the ₹100-a-litre mark, while diesel climbed to ₹95.20 per litre.

Petrol prices were raised by ₹2.61 per litre in Delhi to ₹102.12 from ₹99.51 earlier, while diesel rates went up by ₹2.71 to ₹95.20 a litre from ₹92.49.

The latest increase takes the cumulative hike in petrol and diesel prices to more than ₹7.5 per litre since May 15.

According to price notifications issued by state-owned Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd, petrol prices in Kolkata, Mumbai and Chennai rose to ₹113.51, ₹111.21 and ₹107.77 per litre, respectively.

Diesel prices in the three metros increased to ₹99.82, ₹97.83 and ₹99.55 per litre, respectively.

Rates vary from state to state depending on the incidence of local value-added tax (VAT) and other levies imposed by respective state governments.

In Gujarat, petrol prices rose by ₹2.60 per litre to ₹101.81, while diesel rates increased by ₹2.80 to ₹97.93 per litre.

In Rajasthan capital Jaipur, petrol climbed to ₹112.66 per litre and diesel to ₹97.78 per litre.

Fuel consumers expressed concern over the repeated increases.

“The increase in prices is greatly affecting us. There is so much inflation but salaries are not increasing,” a customer at a fuel station in Delhi said.

Another commuter at Janpath said petrol prices had been rising continuously over the last few days, adding that the burden was becoming difficult for daily earners.

Taxi operators also voiced concern over the rise in diesel prices, saying it would increase operating costs.

State-owned IOC, BPCL and HPCL together account for nearly 90% of India’s fuel retail market.

The latest round of increases comes amid sustained high global crude oil prices, which have risen more than 50% since late February following US-Israeli strikes on Iran and disruptions in shipments through the Strait of Hormuz.

The three public sector firms had earlier held retail prices steady for over two months despite rising input costs, with the government stating that the move was aimed at shielding consumers from inflationary pressures.

Opposition parties, however, alleged that fuel price revisions were delayed until after key state elections.

Private fuel retailers also matched the hikes by public sector companies. Nayara Energy had earlier raised petrol and diesel prices by ₹5 and ₹3 per litre, respectively, in March, while Shell increased petrol prices by ₹7.41 per litre and diesel prices by as much as ₹25 per litre from April 1.

Jio-BP, the fuel retailing joint venture of Reliance Industries and BP Plc, has revised prices largely in line with state-owned firms.

Petrol and diesel prices are now at their highest levels since May 2022.