Oil companies on Friday announced a hike of around Rs 3 per litre in petrol and diesel prices across major cities amid rising global crude oil prices linked to the West Asia conflict. The revised rates came into effect from Friday morning.
Delhi Fuel Prices Cross Fresh Highs
Following the hike, petrol prices in the national capital rose from Rs 94.77 to Rs 97.77 per litre, while diesel prices increased from Rs 87.67 to Rs 90.67 per litre.
Petrol Crosses Rs 108/Litre Mark in Kolkata
Kolkata recorded one of the steepest hikes among metro cities, with petrol prices rising by Rs 3.29 to Rs 108.74 per litre. Diesel prices in the city also increased by Rs 3.11 and now retail at Rs 95.13 per litre.
Mumbai, Chennai Also Witness Steep Fuel Price Increase
In Mumbai, petrol prices climbed by Rs 3.14 to Rs 106.68 per litre, while diesel rose to Rs 93.14 per litre. Chennai too saw a major rise, with petrol prices touching Rs 103.67 per litre and diesel rates reaching Rs 95.25 per litre.
Bengaluru Fuel Prices Revised Upward by Over Rs 3/Litre
Indian Oil Corporation revised fuel prices in Bengaluru, taking petrol rates from Rs 102.92 to Rs 106.17 per litre and diesel from Rs 90.99 to Rs 94.10 per litre. XP95 petrol prices were also increased to Rs 115.66 per litre.
CNG Prices Increased by Rs 2/kg Amid Rising Energy Costs
Along with petrol and diesel, CNG prices in Bengaluru were also revised upward by Rs 2 per kg. The latest price of CNG in the city now stands at Rs 77.09 per kg, adding further pressure on transport and household budgets.
Govt Assures No Fuel Shortage or Rationing Despite Crisis
“There is no need to panic. There are sufficient supplies. There is no rationing in place. It's not going to happen,” Oil Secretary Neeraj Mittal said recently at the CII Annual Business Summit amid concerns over possible fuel shortages.
India Currently Has Around 60 Days of Fuel Reserves
Officials said India is maintaining nearly 60 days of fuel stocks and close to 45 days of LPG inventories despite volatility in global energy markets and disruptions in international shipping routes linked to the Iran conflict.
Fuel Prices Had Remained Largely Unchanged Since April 2022
Retail petrol and diesel prices had mostly remained frozen since April 2022, except for a Rs 2 per litre cut announced in March 2024 ahead of the Lok Sabha elections. State-run fuel retailers had absorbed rising international crude prices for months to shield consumers.
Centre Warns Prolonged Crude Price Surge Could Hurt OMCs Badly
Oil Minister Hardeep Singh Puri recently said state-run oil marketing companies are losing around Rs 1,000 crore every day because retail fuel prices were not being revised despite soaring crude prices. He warned that prolonged high crude rates could lead to losses of nearly Rs 1 lakh crore in a single quarter.
