Petrol, diesel price hiked by ₹3/litre; Check updated fuel rates in Delhi, Mumbai, Kolkata, Chennai

Petrol, diesel price: Fuel prices were hiked by ₹3 per litre on Friday, May 15, after the state-owned oil companies ended a four-year hiatus in rate revision.

Petrol, diesel price today: Check latest fuel rates in Delhi, Mumbai, Kolkata, Chennai

Petrol now costs ₹97.77 per litre in the national capital from ₹94.77 earlier. The diesel price was hiked to ₹90.67 compared to ₹89.67 earlier.

The petrol price in Mumbai was increased by ₹3.14 to ₹106.68 per litre, while diesel became expensive by ₹3.11 to ₹93.14 per litre.

Fuel prices have remained unchanged since April 2022, except for a one-off reduction of ₹2 a litre each on diesel and petrol in March 2024 before the Lok Sabha elections.

State-owned Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Indian Oil Corporation (IOC) had deserted the daily price revision in April 2022 to protect domestic consumers from a steep price increase that was warranted because of international oil prices shooting through the roof post Russia's invasion of Ukraine.

They faced heavy losses in the first half of the 2022-23 fiscal year, which they recouped when rates fell in subsequent months.

But the war in West Asia has again sent international oil prices soaring by over 50 per cent.

The basket of crude oil that India imports averaged USD 69 per barrel in February before the war in West Asia broke out. It averaged USD 113-114 per barrel in subsequent months.

Earlier this week, Oil Minister Hardeep Singh Puri said that India has fuel stockpiles of two months and faces no supply concerns despite disruptions to global energy flows.

He had warned that state-run fuel retailers could face losses of as much as ₹1 lakh crore in a quarter if the towering crude prices persist and retail fuel prices remain unchanged.