Petrol and diesel prices were increased by Rs 3 per litre on Friday, marking the end of a prolonged freeze in fuel rate revisions by state-owned oil marketing companies.
With the latest revision, petrol in the national capital now costs Rs 97.77 per litre, up from Rs 94.77, while diesel has risen to Rs 90.67 per litre from Rs 89.67, according to industry sources.
Here are the revised petrol prices for consumers
Chandigarh Rs 94 +3.00
Delhi Rs 97.77 +3.00
Himachal Rs 94.20 +2.80
Kolkata Rs 108.74 +3.29
Mumbai Rs 106.68 +3.14
Chennai Rs 103.67 +2.83
City Revised Diesel Price Hike
Chandigarh Rs 82.45 +3.00
Delhi Rs 90.67 +3.00
Himachal Rs 86.26 +2.71
Kolkata Rs 95.13 +3.11
Mumbai Rs 93.14 +3.11
Chennai Rs 95.25 +2.86
The increase comes after state-run fuel retailers, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), had largely kept prices unchanged for nearly four years, despite fluctuations in global crude oil rates.
Officials and industry sources indicated that the companies had been absorbing input cost pressures for an extended period, making continued price stability financially unsustainable.
Fuel prices in India had effectively remained frozen since April 2022, when daily revisions were suspended following sharp volatility in international oil markets triggered by the Russia-Ukraine conflict. While there was a one-time reduction of ₹2 per litre in March 2024 ahead of the Lok Sabha elections, no major revisions had been implemented since.
The recent increase is also seen as a partial pass-through of higher global crude oil prices, which have surged amid renewed geopolitical tensions in West Asia. International crude, which averaged around USD 69 per barrel in February, has climbed to over USD 113–114 per barrel in subsequent months, according to industry estimates.
Oil marketing companies had earlier reported significant under-recoveries during the 2022–23 financial year when input costs rose sharply but retail prices remained unchanged for consumers. While some losses were offset when crude prices eased later, the renewed spike in global rates has again tightened margins.
With PTI updates
