New Delhi: Petrol and diesel prices have been hiked across the country. Petrol has become dearer by ₹3.14 per liter, reaching ₹97.77, while diesel has risen by ₹3.11 per liter to reach ₹90.67.

This marks the first revision in retail fuel prices in nearly four years. Prior to this, Union Petroleum Minister Hardeep Singh Puri had already signaled that fuel prices would be increased. Following his statement, there was speculation that petrol and diesel prices could see a hike very soon.

The retail fuel prices released by state-run oil companies on Friday morning reflect changes implemented nationwide. The new rates came into effect starting Friday night. Petroleum companies had previously claimed to be incurring daily losses of approximately ₹1,000 crore due to the high cost of crude oil. The Petroleum Minister had also stated that if retail fuel prices were not raised, the oil companies’ losses would exceed ₹1 lakh crore within a single quarter. However, the actual hike implemented in the retail prices of petrol and diesel is modest when compared to the magnitude of these losses.

What are the new fuel prices in Delhi?

Regular petrol has risen from ₹94.77 to ₹97.91 per liter.
The rate for premium petrol has increased from the ₹102–104 range to ₹105.14–107.14 per liter.
The rate for regular diesel has gone up from ₹87.67 to ₹90.78 per liter.

New rates released every morning at 6 AM
Petrol and diesel prices are revised daily at 6:00 AM. The new rates become effective starting at 6:00 AM. Once excise duty, dealer commission, VAT, and other levies are added to the base price of petrol and diesel, the final retail price ends up being nearly double the original cost. This is the reason why petrol and diesel prices appear to be so high.