State-run fuel retailers on Saturday (May 23) increased petrol and diesel prices for the third time this month, adding further pressure on consumers already dealing with rising transportation and household costs.
Following the latest revision, petrol in Delhi now costs Rs 99.51 per litre after an increase of 87 paise, while diesel has gone up by 91 paise to Rs 92.49 per litre, per a report by Hindustan Times.
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Fresh rates across major cities
Fuel prices have also increased across the four major Metros. Per HT report, in Kolkata, petrol now costs Rs 110.64 per litre and diesel Rs 97.02. Mumbai recorded petrol prices at Rs 108.49 and diesel at Rs 95.02 per litre. In Chennai, petrol is priced at Rs 105.31 while diesel stands at Rs 96.98 per litre.
Localite purchases petrol in a water jar as the price rises, in Ranchi. File image/ANI The latest revision comes days after earlier hikes on May 15 and May 19. Prices were first raised by Rs 3 per litre, followed by another increase of around 90 paise earlier this week. With Saturday’s revision, fuel prices have climbed by almost Rs 5 per litre within a little over a week.
Iran-US conflict driving global oil prices higher
The increase comes amid rising global crude oil prices linked to the ongoing conflict involving Iran, the United States and Israel. Concerns over supply disruptions have intensified after Iran closed the Strait of Hormuz following US-Israeli strikes.
India imports more than 88 per cent of its crude oil requirements, making domestic fuel prices highly sensitive to global market movements and geopolitical tensions. The weakening rupee has added to the pressure, with the Indian currency falling nearly 6 per cent against the US dollar since the start of the year. The current exchange rate stands at Rs 95.6 per dollar.
A large crowd of people on two-wheelers queues up at a Bharat Petroleum pump, in Bhubaneshwar. File image/ANI Oil companies still facing losses
The three state-run oil marketing companies, Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, earlier cited daily revenue losses of nearly Rs 1,000 crore on the sale of petrol, diesel and cooking gas due to elevated global crude prices.
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Per HT, industry executives said the latest increase may ease some pressure on retailers, though oil marketing companies are still estimated to be losing Rs 9-12 per litre on fuel sales. Analysts believe further hikes may follow if international crude oil prices remain elevated.
