Petrol and diesel prices hiked by Rs 3/Litre across major Indian cities

Oil companies in India raised petrol and diesel prices by Rs 3 per litre on Friday, affecting rates across major metro cities. This increase comes amid ongoing volatility in global energy markets, driven by the West Asia conflict and disruptions in energy shipments.

Key Highlights

• Petrol and diesel prices increased by Rs 3 per litre across major Indian cities
• Delhi petrol now costs Rs 97.77 per litre and diesel Rs 90.67 per litre
• CNG prices in Delhi-NCR rose by Rs 2 to Rs 79.09 per kg
• The government maintains there is no fuel shortage or rationing plan
• State-run oil companies face significant financial losses due to global price volatility

Current Fuel Price Changes

Petrol in Delhi now costs Rs 97.77 per litre, up from Rs 94.77. Diesel prices have risen to Rs 90.67 per litre from Rs 87.67. In Kolkata, petrol is priced at Rs 108.74 per litre after a Rs 3.29 hike, while diesel costs Rs 95.13 per litre, up by Rs 3.11.

Mumbai saw petrol prices rise by Rs 3.14 to Rs 106.68 per litre, and diesel increased by Rs 3.11 to Rs 93.14 per litre. In Chennai, petrol prices climbed by Rs 2.83 to Rs 103.67 per litre, and diesel rose by Rs 2.86 to Rs 95.25 per litre. CNG prices have also increased. In Delhi-NCR, CNG now costs Rs 79.09 per kg, up by Rs 2. Mahanagar Gas Limited earlier raised CNG prices by Rs 2 in Mumbai.

Background and Contributing Factors

Fuel prices in India had remained largely unchanged since April 2022, except for a one-time cut of ₹2 per litre in March 2024 before the Lok Sabha elections. Public sector fuel retailers—Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited—had suspended daily price revisions in April 2022. This move aimed to protect consumers from a sharp rise in prices after Russia’s invasion of Ukraine caused international crude rates to surge.

India imports nearly 90 percent of its crude oil, making it highly sensitive to global price changes. The country’s crude oil basket averaged $69 per barrel in February before the West Asia conflict. After the conflict began, prices rose sharply to nearly $113-114 per barrel.

Government Response and Industry Impact

The Centre has stated there is no fuel shortage and no plan to ration petrol, diesel, or LPG. Oil Secretary Neeraj Mittal confirmed that India maintains about 60 days of fuel stocks and 45 days of LPG inventories. Oil Minister Hardeep Singh Puri warned that if crude prices remain high and retail prices are not revised, state-run fuel retailers could face losses of nearly Rs 1 lakh crore in a single quarter.

He noted that the three companies are losing around Rs 1,000 crore daily, with cumulative underrecoveries nearing Rs 1.98 lakh crore. Reserve Bank of India Governor Sanjay Malhotra indicated that further price increases may be necessary if the West Asian conflict continues.

He emphasized that India’s reliance on imported energy and fertilizers makes it vulnerable to global supply disruptions. Prime Minister Narendra Modi has urged citizens to reduce fuel and edible oil consumption to help conserve foreign exchange reserves.

Also Read: UP Government partners with industry bodies to boost fuel and energy efficiency

CarBike 360 Says

The ₹3 per litre hike in petrol and diesel prices is expected to have a ripple effect across transportation, logistics, and daily expenses for consumers. As global oil trends and domestic policies continue to influence pricing, citizens may need to brace for further fluctuations while exploring fuel-efficient alternatives and smarter commuting choices.