Petrol and diesel prices hiked by Rs 3 per litre; new rates in Delhi, Mumbai, and Kolkata revealed | Check list

State-run oil companies have hiked petrol and diesel prices by ₹3 per litre across India. The move comes days after PM Modi urged citizens to conserve energy and foreign exchange.

Petrol and diesel prices were hiked by Rs 3 per litre on Friday, May 15, as part of an increase made by State OMCs. This marked the first revision in the prices since the introduction of a prolonged price freeze in light of Prime Minister Narendra Modi's appeal for citizens to save energy and conserve foreign exchange reserves.

Revised fuel prices across India's major cities

While the increase in price is consistent, the revised cost of fuel is affected by the VAT applicable in each state, alongside additional costs for transporting the fuel from refineries. In the nation's capital, petrol will now be priced above Rs 97, while diesel will be over Rs 90.

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Revised fuel prices (per litre): Following the latest price revision, fuel rates across India's major metros have seen a significant jump. In Delhi, both petrol and diesel increased by an even Rs 3.00, bringing the new retail prices to Rs 97.77 and Rs 90.67 per litre, respectively. Kolkata witnessed the steepest hike in petrol at Rs 3.29, pushing the price to Rs 108.74, while diesel rose by Rs 3.11 to reach Rs 95.13. In Mumbai, petrol prices climbed by Rs 3.14 to settle at Rs 106.68, with diesel matching Kolkata's Rs 3.11 increase to land at Rs 93.14. Meanwhile, in Chennai, petrol rose by Rs 2.83 to Rs 103.67, and diesel prices were adjusted to Rs 95.25 per litre.

PM's 'save fuel' urgent appeals and the global scenario

This revision comes after a string of appeals from Prime Minister Narendra Modi made on both Sunday and Monday urging Indians to save fuel usage by reducing travel abroad, gold buying, and unnecessary use of petrol.

Industry specialists said that the increase was inevitable because of the continuing unrest in West Asia and the disruption of shipments through the Strait of Hormuz, driving up international crude oil prices. Until the new pricing, state-run companies, including IOCL, BPCL, and HPCL had borne most of the losses to shield domestic consumers from price volatility.

Position of Union Minister regarding price revision

Earlier this week, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri hinted at the probability of the price increase. While addressing the CII Annual Business Summit on Tuesday, Puri pointed out the growing financial stress faced by the oil marketing companies owing to increasing under-recoveries.

"While the government has prioritised supply management and price stability for over four years, we must eventually assess the sustainability of these losses," Puri stated, emphasising that the current geopolitical "cauldron" necessitated a re-evaluation of domestic rates.

Effects of fuel price hike on common man

The sudden Rs. 3 jump is expected to have a cascading effect on transportation costs and the prices of essential commodities. Local governments, such as those in Uttarakhand and Goa, have already begun implementing fuel-saving guidelines for official convoys and restricting foreign trips for public servants in response to the broader economic push for conservation.

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