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Petrol, Diesel Prices Hiked by Rs 3/Litre As Crude Costs Bite
Petrol and diesel prices were increased by Rs 3 per litre on Friday, marking the first revision in fuel rates after a record four-year gap by state-run oil companies.
In the national capital, petrol now costs Rs 97.77 per litre, up from Rs 94.77, while diesel prices have risen to Rs 90.67 per litre from the earlier Rs 89.67, according to industry sources.
In the national capital, petrol now costs Rs 97.77 per litre, up from Rs 94.77, while diesel prices have risen to Rs 90.67 per litre from the earlier Rs 89.67, according to industry sources.
The latest hike represents only a fraction—around one-tenth—of the increase needed to fully offset the sharp rise in global energy prices triggered by the ongoing West Asia conflict.
Despite a steady surge in input costs, fuel prices had remained unchanged for the past 11 weeks. Oil companies eventually passed on part of the burden as maintaining existing rates became financially unsustainable, sources added.
Despite a steady surge in input costs, fuel prices had remained unchanged for the past 11 weeks. Oil companies eventually passed on part of the burden as maintaining existing rates became financially unsustainable, sources added.
Fuel prices had largely been frozen since April 2022, barring a one-time reduction of Rs 2 per litre in March 2024 ahead of the Lok Sabha elections.
State-owned firms—Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)—had suspended daily price revisions in April 2022 to shield consumers from volatility after global crude prices spiked following Russia’s invasion of Ukraine.
State-owned firms—Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)—had suspended daily price revisions in April 2022 to shield consumers from volatility after global crude prices spiked following Russia’s invasion of Ukraine.
While the companies absorbed significant losses during the first half of FY 2022–23, they later recovered as global prices eased. However, renewed tensions in West Asia have pushed crude oil prices up by over 50 per cent.
India’s crude basket, which averaged around USD 69 per barrel in February, surged to approximately USD 113–114 per barrel in the months following the outbreak of the conflict.
India’s crude basket, which averaged around USD 69 per barrel in February, surged to approximately USD 113–114 per barrel in the months following the outbreak of the conflict.
