Agencies | New Delhi:
Petrol and diesel prices were sharply increased again on Monday, with state-owned oil marketing companies raising retail fuel rates by up to Rs 2.87 per litre across major cities. The latest revision marks the fourth hike in less than two weeks as rising global crude oil prices and a weakening rupee continue to increase import costs.
With Monday’s increase, cumulative hikes in petrol and diesel prices have now reached nearly Rs 7.5 per litre since state-run fuel retailers resumed revising rates on May 15 after a prolonged freeze.
In Delhi, petrol prices rose by Rs 2.61 per litre to Rs 102.12 from Rs 99.51, while diesel prices increased by Rs 2.71 to Rs 95.20 per litre from Rs 92.49, according to industry sources.
The revision also pushed fuel prices significantly higher across the four metro cities.
Petrol Prices in Metro Cities
- Delhi: Rs 102.12 per litre (up Rs 2.61)
- Kolkata: Rs 113.51 per litre (up Rs 2.87)
- Mumbai: Rs 111.21 per litre (up Rs 2.72)
- Chennai: Rs 107.77 per litre (up Rs 2.46)
Diesel Prices in Metro Cities
- Delhi: Rs 95.20 per litre (up Rs 2.71)
- Kolkata: Rs 99.82 per litre (up Rs 2.80)
- Mumbai: Rs 97.83 per litre (up Rs 2.81)
- Chennai: Rs 99.55 per litre (up Rs 2.57)
Industry officials attributed the repeated hikes to elevated international crude oil prices and the depreciation of the rupee, both of which have sharply increased the import burden for oil marketing companies.
Monday’s increase is the fourth revision since May 15, when fuel retailers resumed price revisions after maintaining a prolonged freeze on retail rates.
Petrol and diesel prices were first raised by Rs 3 per litre each on May 15, followed by another hike of around 90 paise per litre on May 19. On May 23, prices were again revised upward by 87-91 paise per litre.
The May 23 revision had pushed petrol prices in Delhi to Rs 99.51 per litre and diesel to Rs 92.49 per litre before Monday’s latest increase.
At that stage, cumulative hikes had already crossed nearly Rs 5 per litre within 10 days. Monday’s revision has now widened the increase to almost Rs 7.5 per litre since price revisions resumed.
Global Crude Prices, Weak Rupee Add Pressure
The repeated hikes come amid soaring international crude oil prices and continued weakness in the rupee, factors that have significantly increased fuel import costs.
Global crude rates have risen sharply in recent months due to geopolitical tensions and disruptions in shipments through the Strait of Hormuz, one of the world’s most critical oil transit routes.
Despite earlier price increases, state-run oil marketing companies have continued to absorb substantial losses.
Petroleum Ministry Joint Secretary Sujata Sharma had earlier stated that the May 15 hike reduced losses by nearly one-fourth, though state-run oil firms were still incurring losses of around Rs 750 crore per day.
According to PTI, oil marketing companies were losing nearly Rs 10 per litre on petrol and Rs 13 per litre on diesel even after previous revisions.
CNG Prices Also Revised Upward
Alongside petrol and diesel, compressed natural gas (CNG) prices have also witnessed recent increases.
CNG prices in Delhi were raised by Re 1 per kg on May 23, taking cumulative increases to Rs 4 per kg following earlier revisions on May 15 and May 17. Fuel retailers across the country, including private operators, have largely moved in tandem with state-owned companies on fuel price revisions.
