Hyderabad: Oil price surge triggered another increase in petrol and diesel prices across India on Saturday after state-run oil companies announced the third revision in fuel rates within 10 days.
State-run fuel retailers raised petrol prices by 87 paise per litre and diesel prices by 91 paise per litre. Following the latest revision, petrol prices in Delhi climbed to ₹99.51 per litre, while diesel prices reached ₹92.49 per litre.
Oil companies earlier increased fuel prices by ₹3 per litre on May 15. Another revision of around 90 paise followed on May 19. With the latest increase, fuel rates rose by nearly ₹5 per litre within 10 days.
The latest hike came as crude oil prices increased because of tensions in West Asia and supply concerns around the Strait of Hormuz. India imports nearly 90 per cent of its crude oil requirements. Therefore, domestic fuel prices remain sensitive to global energy market fluctuations.
In Kolkata, petrol prices increased to ₹110.64 per litre and diesel prices touched ₹97.02 per litre. Mumbai recorded petrol prices at ₹108.49 and diesel prices at ₹95.02 per litre. Chennai reported petrol prices at ₹105.31 and diesel prices at ₹96.98 per litre.
Oil price surge impacts Hyderabad consumers
In Hyderabad, petrol prices increased to ₹112.81 per litre, while diesel prices rose to ₹100.94 per litre after the latest revision. Visakhapatnam recorded petrol prices at ₹113.53 per litre and diesel prices at ₹101.27 per litre.
Vehicle owners expressed concern over repeated fuel price increases. Retail fuel prices had largely remained stable since April 2022, except for a ₹2 per litre reduction announced in March 2024.
State-run oil marketing companies, including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, suspended daily fuel price revisions in 2022 after volatility hit global crude markets following the Russia-Ukraine conflict.
However, crude oil prices increased again because of the ongoing conflict in West Asia. India’s crude basket averaged around $69 per barrel in February. Recent estimates placed prices near $113-114 per barrel.
