Petrol and diesel prices were hiked for the fourth time within the last 11 days amid the ongoing Iran war. With the latest hike of over Rs 2, petrol prices have crossed Rs 100 per litre in Delhi.
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Fuel prices have risen again across major Indian cities, marking the second increase within a week after oil companies revised retail rates on Monday.
India’s long-held fuel price stability has finally given way to global reality. The Centre has approved a hike of around ₹3 per litre in petrol and diesel, ending a prolonged freeze even as international crude prices surged amid the escalating Iran conflict.
Petrol and diesel prices in India may soon see an increase of ₹4–5 per litre, while domestic LPG cylinder prices could rise by ₹40–50, according to government sources, with a final decision expected shortly.
Petrol and diesel prices may be reduced after October 5, according to CLSA, which has based its report on speculation after comments by Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, suggesting a cut last month.
India’s petrol consumption jumped by 54 percent and that of diesel soared by 48 percent in the first fortnight of June from a year earlier with continuing demand recovery from a relatively low base in 2021 when the world’s third-biggest oil user was in the grip of the second wave of Covid-19.
After keeping the rates unchanged Friday, the oil marketing companies today hiked the fuel prices.
State-owned oil companies today revised the prices of petrol and diesel by 80 paise a litre each, following which they are being sold at Rs 101.81 and Rs 93.07 per litre in national capital Delhi.
Petrol price was today hiked by 80 paise a litre and diesel by 70 paise.