Petrol and diesel prices have been revised once again on Tuesday — marking the second jump within a week after more than four years of unchanged prices. Fuel rates were increased by around 90 paise per litre after being raised by Rs 3 last Friday. The development also came hours after the government revealed that state-run oil marketing companies were now losing Rs 750 crore per day.
According to industry data reported by PTI, petrol prices climbed by 87 paise to Rs 98.64 per litre, while diesel became dearer by 91 paise and is now being sold at Rs 91.58 per litre.
State-owned oil companies continued to sell fuel at two-year-old rates till May 15 — when prices of petrol and diesel were raised by Rs 3 per litre. The back-to-back hikes have pushed petrol and diesel prices closer to record levels in several cities. It has also allowed oil companies to recoup some of the losses incurred due to higher global crude oil prices.
City-wise Petrol and Diesel Rates
Delhi recorded petrol prices at Rs 98.64 per litre and diesel at Rs 91.58 per litre after the latest increase.
In Mumbai, petrol rates went up by 91 paise to Rs 107.59 per litre, while diesel prices rose by 94 paise to reach Rs 94.08 per litre.
Kolkata saw the sharpest jump in petrol prices among the metro cities, with rates increasing by 96 paise to Rs 109.70 per litre. Diesel prices in the city also moved up by 94 paise to Rs 96.07 per litre.
In Chennai, petrol prices increased by 82 paise to Rs 104.49 per litre, while diesel rates rose by 86 paise to Rs 96.11 per litre.
| City | Petrol Price (per litre) | Petrol Increase | Diesel Price (per litre) | Diesel Increase |
| Delhi | Rs 98.64 | 87 paise | Rs 91.58 | 91 paise |
| Mumbai | Rs 107.59 | 91 paise | Rs 94.08 | 94 paise |
| Kolkata | Rs 109.70 | 96 paise | Rs 96.07 | 94 paise |
| Chennai | Rs 104.49 | 82 paise | Rs 96.11 | 86 paise |
Why are petrol and diesel prices rising?
International oil prices have nearly doubled as the US-Israeli war against Iran triggers a massive supply disruption. Strikes from both sides have hit energy production and supply facilities across the Gulf region — with many declaring force majeure or slowing operations since March. The continued ‘closure’ of the Strait of Hormuz by Iran has also upset the supply chain.
The Iran war has sent fuel prices skyrocketing over the past few months — with oil marketing companies incurring overall losses of around Rs 1000 crore per day by the beginning of May. A senior oil ministry official said the Rs 3 price hike announced last week on Friday had helped trim the daily losses by nearly a quarter to around Rs 750 crore. The latest hike is expected to help offset some of these losses.