Petrol Diesel Price Hike India: Fuel Prices Rise ₹3 After Narendra Modi’s ‘Save Fuel’ Call
Petrol Diesel price hike India: On Friday, petrol and diesel prices went up by Rs 3 per litre after global crude oil prices rose due to the conflict in West Asia, according to PTI. In Delhi, petrol now costs Rs 97.77 per litre, up from Rs 94.77, and diesel is Rs 90.67 per litre, up from Rs 87.67.
Petrol Diesel Price Hike India: Petrol Diesel Prices Shoots Up in Major Cities
India fuel price news: Petrol prices have jumped in major cities, hitting ₹108.74 in Kolkata, ₹106.68 in Mumbai, and ₹103.67 in Chennai, with hikes ranging from ₹2.83 to ₹3.29 per litre.
Diesel prices increased in major cities too. In Kolkata, the price of diesel is now Rs 95.13 per litre, Mumbai, Rs 93.14, and in Chennai, Rs 95.25.
CNG prices in Delhi went up by Rs 2 per kg. The price was Rs 85 yesterday and is now Rs 87.
Fuel price Increase ₹3 Per Litre
Petrol diesel price hike India: Until now, India had avoided a major rise in retail fuel prices, even though global crude oil prices went up and the situation in West Asia got worse.
The recent Rs 3 per litre increase only covers a small part of the pressure from the conflict in West Asia.
State-run oil marketing companies kept fuel prices steady for almost 11 weeks, even though input costs increased. But as losses grew and it became harder to keep operations running, they had to pass some of the costs on to consumers.
Since April 2022, petrol and diesel prices have mostly stayed the same, except for a one-time Rs 2 per litre cut in March 2024 before the Lok Sabha elections.
West Asia Conflict Oil Prices: Crude Hits $114 as West Asia Conflict Pushes Fuel Prices Up
In April 2022, Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum stopped changing fuel prices daily to protect consumers from the global oil shock caused by Russia’s war against Ukraine.
At first, these companies faced heavy losses, but they recovered some of those losses when crude prices fell.
But the new conflict in West Asia has pushed global energy prices much higher again. The crude oil India imports averaged about USD 69 per barrel in February before the conflict, but has now risen to nearly USD 113 to 114 per barrel.
Petrol Diesel Latest News: Rising Rumours
Petrol diesel price hike India: For days, people have been speculating about another fuel price hike as global crude oil prices kept rising during the ongoing conflict in the West.
Earlier this week, Manoranjan Sharma, Chief Economist at Infomerics Ratings, told media that a fuel price increase was much more likely because of global market conditions than policy decisions.
According to Sharma, Brent crude topping $105 per barrel makes a fuel price hike after May 15 likely. This sparked crowds at petrol pumps, with many rushing to fill up before the increase.
Petrol Diesel Price Hike Today: Fuel Panic Leads to Long Queues Ahead of Petrol Hike
Fuel price news update: A ground report from 15 petrol pumps in Delhi-NCR, Uttar Pradesh, Gujarat, Odisha, and Bihar found long lines and higher demand as drivers rushed to refill their vehicles.
Many were worried about a big increase in petrol and diesel prices after hearing that fuel prices might rise by Rs 5 to Rs 20 per litre starting May 15.
Hardeep Puri Signals Possible Petrol, Diesel Price Hike Following PM Modi’s Save Fuel Call Push
Union petroleum minister Hardeep Singh Puri recently said fuel prices might change soon. At a Confederation of Indian Industry (CII) event in New Delhi on Tuesday, he said the government would eventually need to decide whether to raise petrol and diesel prices.
Puri made these comments after Prime Minister Modi recently urged people on Sunday and Monday to save energy and help conserve foreign exchange.
