Petrol and diesel prices were hiked once again across India on Monday, marking the fourth increase in fuel rates in the last two weeks. State-run oil marketing companies (OMCs) raised petrol prices by up to ₹2.61 per litre and diesel prices by up to ₹2.71 per litre as they continue to recover losses incurred during a prolonged period of price stability despite rising global crude oil rates.
With the latest revision, petrol in Delhi now costs ₹102.12 per litre, while diesel is priced at ₹95.20 per litre. The cumulative increase in fuel prices over the past two weeks has now crossed ₹7.5 per litre.
The sharp rise in fuel prices comes amid heightened geopolitical tensions in West Asia, particularly the ongoing conflict involving the United States and Iran. Concerns over the closure of the Strait of Hormuz — a key global oil shipping route — have triggered volatility in international crude oil markets.
Speaking on the impact of the crisis, ONGC Director (Exploration) Sushma Rawat said crude prices have remained highly unstable due to uncertainty surrounding the conflict.
"Whenever there is an announcement of a peace accord, crude prices begin to fall. But when it becomes clear that there is no immediate resolution, prices rise again," she told ANI.
Rawat also defended the recent fuel price revisions, stating that the government had shielded consumers from the full impact of rising crude prices for over two months.
"The government has given relief to the people for 76 days, during which the price was not increased. Oil marketing companies were taking a hit of almost ₹1,000 crore a day. How long do you sustain that?" she said.
Fuel prices were last revised on May 23, when petrol prices were increased by ₹0.87 per litre and diesel by ₹0.91 per litre.
Meanwhile, global crude oil prices fell sharply by more than five per cent on hopes of a possible diplomatic breakthrough between the US and Iran. Brent crude dropped to USD 98.22 per barrel, while West Texas Intermediate (WTI) crude slipped to USD 91.57 per barrel before recovering marginally later in trading.
City-wise petrol and diesel prices
Delhi
Petrol: ₹102.12 (+₹2.61)
Diesel: ₹95.20 (+₹2.71)
Mumbai
Petrol: ₹111.21 (+₹2.72)
Diesel: ₹97.83 (+₹2.81)
Kolkata
Petrol: ₹113.51 (+₹2.87)
Diesel: ₹99.82 (+₹2.80)
Chennai
Petrol: ₹107.77 (+₹2.46)
Diesel: ₹99.55 (+₹2.57)
The latest hike is expected to increase the financial burden on commuters, transport operators and businesses, with analysts warning that higher fuel costs could eventually push up transportation expenses and prices of essential commodities.
India had earlier witnessed a ₹3 per litre increase in both petrol and diesel prices on May 16 after months of relative stability. Before that, fuel prices had largely remained unchanged since April 2022, except for a ₹2 per litre cut announced in March 2024 ahead of the Lok Sabha elections.
Government officials have maintained that the revisions are necessary to manage rising import costs and ensure uninterrupted fuel supplies amid persistent geopolitical tensions and volatility in global energy markets.
