The Central government has once again hiked the price of fuel nationwide for the fourth time in two weeks. Diesel prices have increased by ₹2.71 a litre, and petrol prices have gone up by ₹2.61 a litre.
The latest calculation makes petrol prices in Delhi go above ₹100 a litre again, adding to the pressures on consumers already dealing with high living costs. In Delhi, the newly revised rates make it affordable to obtain petrol at ₹102.12 per litre or diesel at ₹95.20 or more per litre.
Just days after the fuel prices were raised on Saturday, when petrol was made 87 paise more expensive, and diesel costs 91 paise, oil prices were most recently further raised. When the government changed rates for the first time after the escalation of the US-Iran conflict that took place on February 28, fuel prices have surged sharply higher since May 15.
First, petrol and diesel prices were hiked by ₹3 per litre, followed by around 90 paise on May 19, and have only gone further. The revision dated Saturday represented the third increase and, at the current rate, its upsurge has resulted in the incremental rise of diesel fuel price by about ₹8 per litre over an interval of two weeks.
Fresh petrol prices in major metro cities are now
Delhi - 102.12 (+2.61)
Mumbai - 111.21 (+2.72)
Kolkata - 113.51 (+2.87)
Chennai - 107.77 (+2.46)
City-Wise Increase In Diesel Prices:
Delhi - 95.20 (+2.71)
Mumbai - 97.83 (+2.81)
Kolkata - 99.82 (+2.80)
Chennai - 99.55 (+2.57)
Notably, petrol and diesel prices had essentially stood still since April 2022. State-owned oil marketing firms such as Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited had abandoned daily fuel price changes to protect consumers from the fallout of the spikes in international crude oil prices during the Russia-Ukraine war.
During that whole period, significant losses were racked up by the companies, especially in the first half of the 2022-23 fiscal year and even then, they recovered after crude prices began falling.
But today's fighting in West Asia has again sent global crude oil prices skyrocketing by at least 50 per cent. Because of the increase in international oil prices, the prices of domestic gasoline and diesel are being raised over and over again.
The most recent hike is expected to hit daily commuters, transport operators, logistics businesses and other sectors reliant on fuel hard. Experts say that rising fuel prices could also drive up transportation costs and add inflationary pressure to necessities in the upcoming weeks.
