State-run oil marketing companies on Saturday announced another fuel revision, marking the third petrol diesel price hike in just eight days. The latest increase pushed petrol prices in Delhi dangerously close to the ₹100 per litre mark, raising concerns among daily commuters and transport sectors. The fresh petrol diesel price hike comes even as international crude oil prices witnessed a slight decline in recent days.
In Delhi, petrol prices increased by 87 paise to ₹99.51 per litre, while diesel rose by 91 paise to ₹92.49 per litre. Experts believe oil marketing companies may continue gradual revisions because they are still suffering major under-recoveries on fuel sales. The latest petrol diesel price hike has now taken the cumulative increase to nearly ₹5 per litre since May 15.
Fuel Prices Rise Across Metro Cities
The impact of the fuel revision has been felt across major Indian cities. Petrol prices in Kolkata climbed to ₹110.64 per litre, while Mumbai and Chennai recorded rates of ₹108.49 and ₹105.31 respectively.
According to industry analysts, global crude oil prices remain volatile despite a recent 5.5% drop in Brent crude. Experts say another petrol diesel price hike may happen if crude prices continue to stay above the $100 per barrel level.
Oil companies reportedly faced daily losses of nearly ₹1,000 crore after the first fuel revision earlier this month. However, after three consecutive hikes, these losses have reduced to below ₹500 crore per day. Analysts believe companies are trying to slowly recover losses without introducing a massive single increase.
Why Fuel Rates May Continue Rising
The current fuel revisions are also drawing comparisons with the sharp price increases witnessed in 2022 after the Russia-Ukraine war disrupted global oil markets. At that time, fuel prices jumped almost ₹9 per litre within weeks through multiple daily revisions.
Consumers are now closely monitoring whether oil companies announce another petrol diesel price hike in the coming days. Experts believe fuel prices may only stabilise if global crude oil rates fall closer to $70 per barrel.
FAQs
Q: Why did the petrol diesel price hike happen again?
A: Oil marketing companies say they are facing losses due to elevated international crude oil prices and market volatility.
Q: How much has the petrol diesel price hike increased rates in Delhi?
A: Petrol and diesel prices in Delhi have risen by nearly ₹5 per litre collectively since May 15.
Q: Will another petrol diesel price hike happen soon?
A: Industry experts believe further increases are possible if crude oil prices remain above $100 per barrel.
Q: Which metro city currently has the highest petrol price?
A: Kolkata currently has the highest petrol price among metro cities at ₹110.64 per litre.
