SRINAGAR: Oil Marketing Companies (OMCs) raised petrol prices by Rs 2.61 per litre and diesel by Rs 2.71 per litre on Monday, marking the fourth increase in less than two weeks amid continued adjustments linked to international crude trends.
With the latest revision, cumulative increases in petrol and diesel rates have nearly reached Rs 7.5 per litre since price changes resumed on May 15, after a prolonged freeze, raising concerns over inflationary pressures and higher transportation costs across the economy.
Petrol in Delhi has been revised to Rs 102.12 per litre from Rs 99.51, while diesel has increased to Rs 95.20 per litre from Rs 92.49.
The back-to-back hikes follow a long period of frozen retail fuel prices and come amid elevated global crude oil rates, tightening refining margins and a weaker rupee, all of which have increased import costs for refiners.
Earlier revisions included a Rs 3 per litre increase each on petrol and diesel on May 15, followed by a 90-paise rise on May 19, and another increase of 87 paise for petrol and 91 paise for diesel on May 23.
After Monday’s revision, petrol prices at PSU pumps stand at Rs 111.21 per litre in Mumbai, while diesel is priced at Rs 97.83. In Kolkata, petrol is Rs 113.51 and diesel Rs 99.82, whereas in Chennai, petrol costs Rs 107.77 and diesel Rs 99.55. Fuel prices vary across states due to differing local taxation structures.
Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited collectively dominate around 90 per cent of India’s fuel retail market.
The successive increases come after global crude oil prices surged by over 50 per cent since late February, following geopolitical tensions and disruptions to shipments through the Strait of Hormuz, a key global oil transit route.
Fuel prices are now at their highest level since May 2022, having remained largely unchanged since April 2022 except for a brief reduction in March 2024 ahead of national elections.
