India: Petrol, diesel prices up by 90 paise per litre

The increase was a 10th of the desired hike needed to account for the surge in global energy rates since the start of the West Asia conflict.

Petrol and diesel prices were increased by 90 paise per litre on Tuesday, the second increase in less than a week. Petrol price was hiked to Rs 98.64 a litre from Rs 97.77 per litre in the national capital. Diesel now costs Rs 91.58 a litre against Rs 90.67 previously, according to industry sources.

This is the second increase in rates in less than a week. Prices were hiked by Rs 3 a litre on Friday. In Delhi, petrol now retails at Rs 98.64 per litre, up by 87 paise, while diesel is priced at Rs 91.58 per litre, higher by 91 paise.

Mumbai saw petrol rise by 91 paise to Rs 107.59 per litre and diesel by 94 paise to Rs 94.08 per litre. Kolkata recorded the steepest hike in petrol at 96 paise to Rs 109.70 per litre, while diesel prices rose by 94 paise to Rs 96.07 per litre.

In Chennai, petrol prices rose by 82 paise to Rs 104.49 per litre, and diesel by 86 paise to Rs 96.11 per litre.

Previous hike by Rs 3 per litre

Earlier on May 15, Petrol and diesel prices were increased by Rs 3 per litre after state-owned oil firms ended a four-year record hiatus in rate revision.

Petrol price was hiked to Rs 97.77 per litre from Rs 94.77 in the national capital. Diesel now costs Rs 90.67 as against Rs 89.67 per litre previously, according to industry sources.

The increase was a 10th of the desired hike needed to account for the surge in global energy rates since the start of the West Asia conflict.

State-owned oil firms had kept fuel price unchanged for 11 weeks despite a surge in input cost, but passed on part of the increase once operations became financially unsustainable, the sources said.

Prices have remained on freeze since April 2022, but had a one-off reduction of Rs 2 a litre each on petrol and diesel in March 2024 just before the Lok Sabha elections.

War in West Asia pushes up price of petrol, diesel

They incurred 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.