New Delhi: State-run fuel retailers on Saturday increased petrol and diesel prices by less than Re 1 per litre, according to dealers, marking the third fuel price revision this month as the government seeks to offset losses arising from elevated crude oil prices amid the Iran conflict.

In the national capital, petrol prices were raised by Rs 0.87 per litre to Rs 99.51, while diesel prices increased by Rs 0.91 to Rs 92.49 per litre, dealer data showed. Meanwhile, in Ahmedabad, petrol prices rose to Rs 99.07 per litre, while diesel rates increased to Rs 94.99 per litre.

The latest hike follows an earlier increase of nearly 90 paise per litre on May 19, making it the second fuel price hike within a week as international crude prices continued to rise.

The revision also comes shortly after fuel prices were increased by Rs 3 per litre on May 15 following a sharp surge in global oil prices linked to the ongoing tensions in West Asia and concerns over supplies through the Strait of Hormuz.

Retail fuel prices had remained largely unchanged since April 2022, except for a one-time reduction of Rs 2 per litre in March 2024. State-owned oil marketing companies — Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited — had suspended daily fuel price revisions in 2022 to shield consumers from volatility in global oil markets after Russia’s invasion of Ukraine.

However, crude prices have surged again due to continuing geopolitical tensions in West Asia. India’s crude basket, which averaged around $69 per barrel in February, has climbed to nearly $113–114 per barrel in recent months. With India importing nearly 90 per cent of its crude oil requirements, domestic fuel prices remain highly sensitive to fluctuations in global energy markets. DeshGujarat