Petrol and diesel prices across India witnessed another increase on Tuesday, rising by approximately 90 paise per litre. This marks the second hike in fuel rates in less than a week, following a previous revision on Friday when oil companies raised prices by Rs 3 per litre.
Price Details
Diesel prices have gone up by 91 paise per litre, while petrol has become costlier by 87 paise per litre. The latest revision pushes fuel costs higher across major metro cities.
Petrol Prices Today
- New Delhi: Rs 98.64
- Kolkata: Rs 109.70
- Mumbai: Rs 107.59
- Chennai: Rs 104.46
- Gurgaon: Rs 99.29
- Noida: Rs 98.91
- Bangalore: Rs 107.12
- Bhubaneswar: Rs 105.09
- Chandigarh: Rs 98.10
- Hyderabad: Rs 111.88
- Jaipur: Rs 109.32
- Lucknow: Rs 98.40
- Patna: Rs 110.02
- Thiruvananthapuram: Rs 111.71
Diesel Prices Today
- New Delhi: Rs 91.58
- Kolkata: Rs 96.07
- Mumbai: Rs 94.08
- Chennai: Rs 96.11
- Gurgaon: Rs 91.80
- Noida: Rs 92.21
- Bangalore: Rs 95.04
- Bhubaneswar: Rs 96.68
- Chandigarh: Rs 86.09
- Hyderabad: Rs 99.95
- Jaipur: Rs 94.50
- Lucknow: Rs 91.73
- Patna: Rs 96.05
- Thiruvananthapuram: Rs 100.60
Government and Industry Response
Officials maintain that India currently holds adequate fuel reserves. Sujata Sharma, joint secretary in the ministry of petroleum, noted that the Middle East crisis has been ongoing for over two and a half months, with conditions in the Strait of Hormuz still not normal. Global prices of crude oil, natural gas and LPG have risen sharply, impacting India's import costs. However, refineries are functioning normally and the country has sufficient crude oil reserves.
Retail fuel prices in India had largely remained unchanged since April 2022, apart from a one-time reduction of Rs 2 per litre each in petrol and diesel announced in March 2024 ahead of the Lok Sabha elections. With global crude prices climbing beyond $100 per barrel, compared with earlier levels of around $70, Oil Marketing Companies faced mounting losses of up to Rs 1,000 crore per day.
Oil Marketing Companies such as Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited had suspended the daily fuel price revision mechanism in April 2022 to shield consumers from sharp price increases.
Earlier, RBI Governor Sanjay Malhotra stated that the government may eventually have to raise petrol and diesel prices if the ongoing Middle East crisis continues for a prolonged period.
