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Another ₹2-4 jump is anticipated shortly if oil costs stay elevated, according to a Bloomberg report.
People refuel their vehicles at a petrol pump after petrol and diesel prices were hiked by ₹3 per litre each on Friday. (ANI)After almost four years, the Indian oil marketing companies (OMCs) on Friday declared a price hike of ₹3 per litre in diesel and petrol costs, as the West conflict plunged petroleum costs to over $100 per barrel.
Global crude oil prices have surged more than 50 per cent since US-Israeli strikes on Iran on February 28 and Tehran's subsequent retaliation that disrupted energy flows through the Strait of Hormuz.
Fuel price hike
Petrol price in the national capital has been increased to ₹97.77 per litre from ₹94.77, while diesel now costs ₹90.67 against ₹87.67 per litre previously
Petrol and diesel prices are now at their highest since May 2022. Rates vary across states due to differences in value-added tax.
CNG prices in cities like Delhi and Mumbai were also raised by ₹2 per kg.
The Union Finance Ministry also imposed an export duty of ₹3 per litre on petrol on Friday.
More fuel price hike expected?
Consumers can expect additional spikes shortly, as the government navigates the financial fallout of the war.
Additional increases will be permitted to bridge that deficit, yet they shall be distributed gradually to restrict the blow to typical families, according to a Bloomberg report citing sources.
Another ₹2-4 jump is anticipated shortly if oil costs stay elevated, the report said.
Check petrol prices today
| New Delhi | ₹97.77 |
| Kolkata | ₹108.74 |
| Mumbai | ₹106.68 |
| Chennai | ₹103.67 |
| Gurgaon | ₹98.42 |
| Noida | ₹97.97 |
| Bangalore | ₹106.17 |
| Bhubaneswar | ₹104.16 |
| Chandigarh | ₹97.27 |
| Hyderabad | ₹110.85 |
| Jaipur | ₹107.75 |
| Lucknow | ₹97.39 |
| Patna | ₹109.06 |
| Thiruvananthapuram | ₹110.68 |
Check diesel prices today
| New Delhi | ₹90.67 |
| Kolkata | ₹95.13 |
| Mumbai | ₹93.14 |
| Chennai | ₹95.47 |
| Gurgaon | ₹90.89 |
| Noida | ₹91.20 |
| Bangalore | ₹94.10 |
| Bhubaneswar | ₹95.71 |
| Chandigarh | ₹85.25 |
| Hyderabad | ₹98.96 |
| Jaipur | ₹93.03 |
| Lucknow | ₹90.69 |
| Patna | ₹95.10 |
| Thiruvananthapuram | ₹99.45 |
Refiners seek ₹15-20 per litre hike
Public-sector refiners have suggested they must add nearly ₹15 to ₹20 per litre to handle the prevailing emergency, the Bloomberg report said. The government fuel vendors in India manage 90% of the nation’s stations, and are technically autonomous in setting tariffs.
Limited relief for OMCs
According to the government, the public sector OMCs—Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd—have been losing around ₹20 per litre on the sale petrol and around ₹100 per litre on diesel sales due to high oil prices and unchanged retail prices in India. According to other estimates, the under-recovery on diesel sales, is however, much less.
Why were prices raised?
The government had until now maintained that Indian consumers had been shielded from the surge in global oil prices following the West Asia war, even as retail fuel prices rose in neighbouring countries such as Pakistan, Nepal and Sri Lanka.
Petrol and diesel prices in India had remained unchanged since March 2024, when rates were cut by ₹2 per litre ahead of the Lok Sabha elections. Although fuel prices are officially deregulated, daily revisions by oil marketing companies are rare, given the political sensitivity around retail fuel prices.
In its April monthly economic review, the Department of Economic Affairs under the finance ministry said passing on higher global energy prices to consumers was “inevitable” during a period of supply disruption, as higher prices help moderate demand.
About the Author
Arshdeep Kaur
Arshdeep Kaur is a Senior Content Producer at Mint, where she reports and edits across national and international politics, business and culture‑adjacent trending stories for digital audience. With five years in the newsroom, she strives to balance the speed and rigor of fast‑moving news cycles and longer, context‑rich explainers. <br><br> Before joining LiveMint, Arshdeep served as a Senior Sub‑Editor at Business Standard and earlier as a Sub‑Editor at Asian News International (ANI). Her experience spans live news flows, enterprise features, and multi‑platform packaging. <br><br> At Mint, she regularly writes explainers, quick takes, and visuals‑led stories that are optimized for search and social, while maintaining the publication’s standards for accuracy and clarity. She collaborates closely with editors and the audience team to frame angles that resonate with readers in India and abroad, and to translate complex developments into accessible, high‑impact journalism. <br><br> Arshdeep's academic training underpins her interest towards policy and markets. She earned an MA in Economics from Panjab University and holds a Post‑Graduate Diploma in Broadcast Journalism from the India Today Media Institute (ITMI). This blend of economics and broadcast storytelling informs her coverage of public policy, elections, macro themes, and the consumer‑internet zeitgeist. <br><br> Arshdeep is based in New Delhi, where she tracks breaking developments and longer‑horizon storylines that shape public discourse.
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