New Delhi: Fuel prices across India were increased on Friday, with state-run oil marketing companies raising petrol and diesel rates by up to Rs 3 per litre following continued volatility in global crude oil markets. The revised prices came into effect immediately and are expected to further impact household budgets, transportation costs and inflationary pressures across sectors.
In the national capital, petrol prices were increased by Rs 3 per litre, taking the retail rate to Rs 97.77 per litre. Diesel prices in Delhi also rose sharply to Rs 90.67 per litre.
Among the four metro cities, Kolkata witnessed the steepest increase in petrol prices. Petrol in the city became costlier by Rs 3.29 and is now retailing at Rs 108.74 per litre. In Mumbai, petrol prices rose by Rs 3.14 to Rs 106.68 per litre, while Chennai recorded an increase of Rs 2.83, pushing the rate to Rs 103.67 per litre.
Diesel prices also saw a significant upward revision across major cities. In Kolkata, diesel prices increased by Rs 3.11 to Rs 95.13 per litre. Mumbai recorded a similar hike, with diesel now priced at Rs 93.14 per litre. In Chennai, diesel prices climbed by Rs 2.86 to reach Rs 95.25 per litre.
The latest fuel price hike comes amid a sharp rise in international crude oil prices triggered by ongoing geopolitical tensions in West Asia. Brent crude prices have remained around or above the $100 per barrel mark due to concerns over supply disruptions in the Strait of Hormuz following the continuing US-Israel-Iran conflict.
Government data released on Thursday also showed a sharp rise in wholesale fuel inflation during April. Petrol inflation surged to 32.4 percent from 2.50 percent in the previous month, while inflation in high-speed diesel jumped to 25.19 percent from 3.62 percent.
Industry experts believe public sector oil companies have been under severe financial stress as they continued absorbing a major portion of rising import costs over recent months. According to estimates cited in media reports, state-run refiners were reportedly losing nearly Rs 10 billion per day on fuel sales as retail prices failed to match rising crude import costs.
India, the world’s third-largest oil consumer, remains highly dependent on imported crude oil. Any disruption in global supply chains or shipping routes directly impacts domestic fuel prices, freight costs and manufacturing expenses, increasing pressure on both consumers and businesses.
