Petrol, Diesel Prices Hiked Again; Second Increase in 5 Days
Crude oil, which was trading near $70 per barrel, has now crossed $108 per barrel
Fuel prices in India have risen once again, with petrol and diesel becoming costlier by up to ₹0.90 per litre on Tuesday. This marks the second increase within just five days, following a sharp hike of around ₹3 per litre on May 15.
The back-to-back revisions have added to consumer concerns as global crude oil prices continue to surge.
Second Hike Within Five Days
- Petrol and diesel prices increased by around ₹0.90 per litre on Tuesday
- Earlier, prices were raised by nearly ₹3 per litre on May 15
- This is the second revision in less than a week
Latest Fuel Prices in Major Cities
Petrol Prices:
- New Delhi: ₹98.64 per litre (+₹0.87)
- Mumbai: ₹107.59 per litre (+₹0.91)
- Kolkata: ₹109.70 per litre (+₹0.96)
- Chennai: ₹104.49 per litre (+₹0.82)
Diesel Prices:
- New Delhi: ₹91.58 per litre (+₹0.91)
- Mumbai: ₹94.08 per litre (+₹0.94)
- Kolkata: ₹96.07 per litre (+₹0.94)
- Chennai: ₹96.11 per litre (+₹0.86)
Why Are Fuel Prices Rising?
The latest increase is primarily driven by a sharp surge in global crude oil prices. Prior to escalating tensions between Iran and United States, crude oil was trading near $70 per barrel. It has now crossed $108 per barrel.
The rise in crude prices has put significant pressure on oil marketing companies, prompting them to pass on the cost burden to consumers.
Will Fuel Prices Rise Further?
The outlook remains uncertain, with a strong possibility of further increases if:
- Crude oil remains above $100 per barrel
- Middle East tensions escalate further
- Global shipping routes face disruptions
Experts warn that sustained high crude prices could place considerable strain on India’s economy.
Earlier Relief Through Excise Duty Cut
The government had earlier reduced excise duty by ₹10 per litre on both petrol and diesel to provide relief:
- Petrol excise duty reduced from ₹21.90 to ₹11.90 per litre
- Diesel excise duty reduced from ₹17.80 to ₹7.80 per litre
Despite these cuts, rising global prices are now reversing the benefits.
PM Modi Calls for Judicious Fuel Use
Prime Minister Narendra Modi recently urged citizens to use petrol, diesel, and gas cautiously in view of the evolving geopolitical situation in West Asia. He emphasized the need for restrained and responsible consumption of fuel.
