 (6).png)
1 hour ago
3
ARTICLE AD BOX
With the latest hike, petrol and diesel prices have risen to nearly ₹5 a litre in less than 10 days
Petrol pump(ANI)In under 10 days, petrol and diesel prices were raised for a third time on Saturday, taking the cumulative increase in retail fuel rates to nearly ₹5 a litre. The latest revision pushed petrol prices higher by 87 paise per litre and diesel by up to 91 paise across the country.
These back-to-back increases are an attempt by the state-owned firms to pass on soaring international oil prices after a prolonged freeze in retail fuel prices. It comes amid elevated crude oil prices in the global market, tightening refining margins, and a weaker rupee, which have sharply raised the cost of imports.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together control 90 per cent of India's fuel market.
The back-to-back increases come after global crude oil prices surged more than 50 per cent since late February, following US-Israeli strikes on Iran and disruptions to shipments through the Strait of Hormuz, a critical global oil transit route.
Fuel price hike in the past 10 days
Petrol and diesel prices were increased by ₹3 per litre each on May 15 and 90 paise a litre on May 19.
With the latest hike, petrol and diesel prices have risen to nearly ₹5 a litre since the state-owned oil marketing companies on May 15 ended the hiatus in rate revision, stoking concerns over inflationary pressures and higher transportation costs across the economy.
Fuel retailers had kept pump prices low despite rising input costs, a move the government said was aimed at shielding consumers from inflation.
City-wise petrol prices
Petrol price was increased by 87 paise in Delhi to ₹99.51 per litre from ₹98.64 earlier.
After Saturday's increase, petrol at PSU pumps in Mumbai now costs ₹108.49 per litre and diesel ₹95.02, and Kolkata prices rose to ₹110.64 and ₹97.02, respectively. In Chennai, petrol is priced at ₹105.31 and diesel at ₹96.98.
Prices vary across states due to local taxes.
| New Delhi | ₹99.51 |
| Kolkata | ₹110.61 |
| Mumbai | ₹108.45 |
| Chennai | ₹105.38 |
| Gurugram | ₹100.16 |
| Noida | ₹99.51 |
| Bengaluru | ₹108.09 |
| Bhubaneswar | ₹106.10 |
| Chandigarh | ₹98.95 |
| Hyderabad | ₹112.81 |
| Jaipur | ₹109.84 |
| Lucknow | ₹99.28 |
| Patna | ₹110.47 |
| Thiruvananthapuram | ₹112.64 |
City-wise diesel prices
The diesel price was hiked by 91 paise to ₹92.49 a litre from ₹91.58 previously.
| New Delhi | ₹92.49 |
| Kolkata | ₹97.02 |
| Mumbai | ₹95.02 |
| Chennai | ₹97.08 |
| Gurugram | ₹92.73 |
| Noida | ₹92.84 |
| Bengaluru | ₹95.99 |
| Bhubaneswar | ₹97.73 |
| Chandigarh | ₹86.94 |
| Hyderabad | ₹100.94 |
| Jaipur | ₹95.05 |
| Lucknow | ₹92.64 |
| Patna | ₹96.53 |
| Thiruvananthapuram | ₹101.55 |
Will there be more fuel price hike?
Madan Sabnavis, Chief Economist, Bank of Baroda, said. earlier told Livemint, that “given the losses being incurred by OMCs, rise in petrol and diesel prices was inevitable.”
He said more price hikes could follow, as the current increase may not be enough to fully compensate OMCs for their losses.
How much hike can we expect?
Financial services firm Emkay Global has estimated that petrol and diesel prices could rise by as much as ₹10 per litre in the near term, as OMCs try to offset the impact of higher crude oil prices.
(With agency inputs)
About the Author
Livemint
For about a decade, Livemint—News Desk has been a credible source for authentic and timely news, and well-researched analysis on national news, business, personal finance, corporates, politics and geopolitics. We bring the latest updates on all the listed companies on BSE and NSE, startups, mutual funds, Union ministries, geopolitics, and untapped human interest stories from around the world, helping our readers to stay informed on the latest developments around the globe. Our Coverage Areas 1. Companies: Comprehensive news and analysis on listed and unlisted companies, corporate announcements, corporate chatter, C-suite, business trends, hiring alerts, layoffs, work-life balance, world's top billionaires and richest and more. 2. Personal finance: Insights into mutual funds, small savings schemes like - PPF, SSY, post office savings scheme, stock to watch, personal loans, credit cards, top bank FDs, real estate, income tax and more. 3. Politics: Comprehensive coverage of general elections, state elections and bypolls, Lok Sabha, Vidhan Sabha, Parliament, PMO, PIB, finance ministry, home ministry, among other union ministries and government departments. 4. National News: From metro cities like Delhi, Mumbai, and e to untapped stories from rural India, we cover human interest, health, education, crime and courts, and law and order, among other areas of public interest. 5. Economy: In-depth analysis of India's macro and micro-economic indicators like- GDP, inflation, forex, fiscal deficit, current account deficit, interest rate cycle, economic recovery, RBI circulars, indirect taxes, GST, Insolvency and Bankruptcy imports, exports and everything that impacts Indian economy. 6. Geopolitics: Well-rounded and deeply researched coverage on US News, Oval Office European Union, Ukraine Russia War, middle-east crisis, royal families and global leaders like - Donald Trump, Vladimir Putin, Kim Jong Un, Xi Jinping and premiers of other leading economies in the world. Meet the Team 1. Gulam Jeelani, Political Affairs Editor 2. Sugam Singhal, Senior Assistant Editor 3. Chanchal, Assistant Editor 4. Sanchari Ghosh, Chief Content Producer 5. Pratik Prashant Mukane, Chief Content Producer 6. Sayantani Biswas, Chief Content Producer 7. Ravi Hari, Deputy Chief Content Producer 8. Garvit Bhirani, Deputy Chief Content Producer 9. Akriti Anand, Senior Content Producer 10. Jocelyn Felix Fernandes, Senior Content Producer 11. Swastika Das Sharma, Content Producer 12. Mausam Jha, Content Producer 13. Riya R Alex, Trainee Content Producer
English (US) ·