New Delhi, May 23
Petrol and diesel prices were increased once again across India on Saturday, with rates going up by up to 91 paise per liter. The latest revision has pushed the cumulative hike in fuel prices to nearly Rs 5 per liter in less than 10 days, adding to concerns over rising transportation costs and inflation.
According to industry sources, petrol prices were raised by 87 paise per liter, while diesel prices rose by up to 91 paise. In Delhi, petrol now costs Rs 99.51 per liter, while diesel is priced at Rs 92.49 per liter.
The recent hikes come after state-run oil companies resumed fuel price revisions on May 15 following a long freeze in rates. Petrol and diesel prices were first increased by Rs 3 per liter on May 15 and again by around 90 paise on May 19.
Officials and industry experts have linked the latest increase to rising global crude oil prices, higher import costs, tightening refining margins, and the weakening rupee. Crude oil prices have surged sharply in recent months amid geopolitical tensions and disruptions in global oil supply routes.
Fuel prices have also climbed in major cities, including Mumbai, Kolkata, and Chennai. Rates continue to vary from state to state due to differences in local taxes and levies.
The repeated hikes are expected to increase transportation costs and further pressure inflation. Industry observers say the government and oil marketing companies are attempting to balance rising global energy costs without triggering a sudden inflation shock.
State-owned oil companies, including Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited, continue to dominate India’s fuel retail market. Private retailers have also matched the latest increases at their outlets.
The fuel price surge comes at a time when the government is urging citizens and departments to conserve fuel consumption amid pressure on India’s import bill and foreign exchange reserves.
