Petrol and diesel prices were increased once again across India on Saturday, marking the third fuel price hike within the last 10 days amid rising global crude oil prices and ongoing geopolitical tensions in West Asia.
Following the latest revision, petrol prices in New Delhi increased by 87 paise to Rs 99.51 per litre, while diesel prices rose by 91 paise to Rs 92.49 per litre.
Oil marketing companies (OMCs) have now raised fuel prices by nearly Rs 5 cumulatively over the past few days. The continuous rise comes as international crude oil prices remain elevated due to tensions linked to the Iran-US conflict, increasing financial pressure on Indian fuel retailers.
India imports nearly 85-90 per cent of its crude oil requirements, making domestic fuel prices highly sensitive to global geopolitical developments and fluctuations in foreign exchange reserves.
Fuel prices in the country are revised daily by OMCs at 6 AM based on international crude oil trends and currency exchange movements.
Earlier this month, petrol and diesel prices were increased by Rs 3 on May 15 due to supply concerns and rising global oil prices. Another hike of around 90 paise followed on May 19.
Among major cities, Hyderabad recorded the highest petrol price at Rs 112.81 per litre after the latest revision, followed closely by Thiruvananthapuram at Rs 112.64 per litre. Kolkata and Patna also continued to report petrol prices above Rs 110 per litre.
On the other hand, Chandigarh remained the city with the lowest petrol price among key urban centres at Rs 98.97 per litre. Lucknow, New Delhi and Noida also recorded comparatively lower fuel rates.
In the diesel segment, Hyderabad again topped the list with diesel retailing at Rs 100.94 per litre, while Thiruvananthapuram recorded diesel prices of Rs 101.55 per litre. Bhubaneswar and Kolkata also saw diesel prices nearing Rs 98 per litre.
Chandigarh continued to offer the cheapest diesel among major cities at Rs 86.94 per litre, significantly lower than several other regions.
Fuel prices differ across states because of variations in VAT, transportation charges and local taxes imposed by state governments.
The latest hike comes at a time when elevated crude oil prices and currency-related pressures are continuing to impact India’s energy market and overall economic outlook.
Originally published on 24×7-news.com.
