Hyderabad: Fuel price increase continued across India on Monday after oil marketing companies announced the fourth revision in petrol and diesel rates since May 15.
Companies raised petrol prices by Rs 2.61 per litre and diesel prices by Rs 2.71 per litre. The latest revision pushed cumulative increases close to Rs 7.5 per litre within 10 days.
In Delhi, petrol prices rose to Rs 102.12 per litre from Rs 99.51. Diesel prices increased to Rs 95.20 per litre from Rs 92.49.
Meanwhile, petrol prices in Hyderabad climbed to Rs 115.73 per litre, while diesel rates touched Rs 103.82 per litre. Mumbai recorded petrol prices at Rs 111.21 and diesel at Rs 97.83 per litre.
Kolkata reported petrol prices at Rs 113.51 per litre and diesel at Rs 99.82 per litre. Chennai recorded petrol prices at Rs 107.77 and diesel at Rs 99.55 per litre.
The repeated revisions followed rising global crude oil prices and a weakening rupee. Both factors increased import costs for oil marketing companies.
Fuel price increase linked to crude oil surge
Global crude prices reportedly surged more than 50 per cent since late February after tensions escalated in the Middle East and disrupted shipments through the Strait of Hormuz.
Fuel retailers first raised petrol and diesel prices by Rs 3 per litre on May 15. Companies later increased rates by 90 paise on May 19 and again by up to 91 paise on May 23.
Retail fuel prices had largely remained unchanged for nearly four years before revisions resumed earlier this month.
State-run 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.
Private companies also revised rates alongside public sector firms. Nayara Energy, Shell and Jio-BP implemented similar increases during the period.
According to reports, Nayara Energy raised petrol prices by Rs 5 per litre and diesel by Rs 3 per litre in March. Shell also increased petrol prices by Rs 7.41 per litre and diesel prices by up to Rs 25 per litre from April 1.
With the latest revision, petrol and diesel prices reached their highest levels since May 2022.
