Petrol costlier by Rs. 2.61, Diesel by Rs. 2.71 per Litre

New Delhi: Fuel prices saw another hike on Monday, with petrol rates increasing by Rs 2.61 per litre and diesel by Rs 2.71 per litre. This marks the fourth rise in under two weeks, adding further strain on household budgets and transportation expenses as consumers face mounting fuel costs amid volatility in global energy markets.

Since fuel price revisions resumed on May 15 after a prolonged freeze, petrol and diesel prices have cumulatively risen by nearly Rs 7.5 per litre. In Delhi, petrol prices climbed from Rs 99.51 to Rs 102.12 per litre, while diesel moved up from Rs 92.49 to Rs 95.20, according to industry sources.

The continuous increase in rates comes amid high global crude oil prices and a weakening rupee, both of which have pushed up import expenses for oil marketing companies. Fuel prices had remained largely stable for close to four years before revisions restarted earlier this month.

The first increase was announced on May 15, when petrol and diesel became costlier by Rs 3 per litre each. Another hike followed on May 19, with prices going up by 90 paise per litre. On May 23, petrol prices were raised by 87 paise and diesel by 91 paise per litre.

After Monday’s revision, petrol prices in Mumbai reached Rs 111.21 per litre, while diesel was priced at Rs 97.83. In Kolkata, petrol costs Rs 113.51 per litre and diesel Rs 99.82. Chennai recorded petrol prices at Rs 107.77 per litre and diesel at Rs 99.55 per litre.

Fuel prices continue to vary across states due to differences in local taxes.

Public sector retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd together control nearly 90 per cent of India’s fuel retail market.

The repeated increase in pump prices follows a steep rise in global crude oil rates, which have surged by more than 50 per cent since late February. The spike came after US-Israeli strikes on Iran and disruptions to shipments through the Strait of Hormuz, a critical route for global oil supplies.

Even as input costs rose during the initial months of the conflict, fuel retailers had kept pump prices unchanged in an effort to shield consumers from inflationary pressure.

Private fuel retailers also revised their rates in line with state-owned firms. Whenever public sector companies increased prices, firms such as Nayara Energy implemented similar hikes in petrol and diesel rates.

These revisions came on top of earlier increases by private retailers before the PSU-led hike on May 15. Nayara Energy had raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre in March. Meanwhile, Shell increased petrol prices by Rs 7.41 per litre and diesel rates by as much as Rs 25 per litre from April 1.

Jio-bp, the fuel retail partnership between Reliance Industries Ltd and BP Plc, also aligned its fuel prices with those of public sector retailers.

With the latest round of revisions, petrol and diesel prices have touched their highest levels since May 2022.