Petrol, Diesel Prices Up by ₹3/Litre Across India

The Centre increased petrol and diesel Prices by Rs 3 per litre on Friday after global crude oil rates surged sharply. Oil marketing companies passed part of the higher import cost to consumers across the country. The revised fuel rates came into effect immediately in all major cities. The move ended a long period of stable retail fuel prices in India.

In Delhi, petrol now costs Rs 97.77 per litre, while diesel is priced at Rs 90.67 per litre. Mumbai residents will pay Rs 106.68 for petrol and Rs 93.14 for diesel after the latest hike. Fuel prices also rose in Kolkata and Chennai following the nationwide revision. Oil firms adjusted rates after facing pressure from rising international energy prices.

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Fuel Prices rise across metros as oil firms respond to global crude surge

State-owned companies such as Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum had kept fuel prices unchanged for nearly 11 weeks. They delayed price revisions despite higher crude oil costs to reduce the burden on consumers. Companies earlier cut petrol and diesel prices by Rs 2 per litre in March 2024 before the Lok Sabha elections. Since then, retail fuel rates largely remained stable until the latest revision.

Oil companies had suspended daily fuel price revisions in April 2022 after the Russia-Ukraine war triggered a sharp increase in global crude prices. The sudden rise in import costs caused heavy financial losses for public sector oil firms during the first half of FY 2022-23. Companies later recovered part of those losses when international crude prices eased. However, the recent geopolitical tensions in West Asia pushed oil prices upward once again.

India’s crude oil import basket reportedly climbed from nearly $69 per barrel in February to around $113-$114 per barrel in the following months. The sharp rise in global crude prices increased pressure on domestic fuel retailers and government-run oil firms. Officials chose a partial price increase instead of a full pass-through of international costs. The latest revision is expected to impact transportation expenses and household budgets across the country.

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