State-run oil marketing companies have raised petrol and diesel prices for the second time in less than a week due to surging global crude oil prices. Following this adjustment, petrol prices went up by 86 paise per litre, while diesel prices increased by 83 paise per litre. In the national capital, petrol now costs Rs 98.64 per litre, and diesel is priced at Rs 91.58 per litre.
The recent price hike comes shortly after a previous increase of Rs 3 per litre on May 15, marking the first hike in over four years. This rise is attributed to ongoing geopolitical tensions and a significant surge in global crude prices driven by the US-Iran conflict. Notably, fuel prices have now reached their highest levels since May 2022.
Moreover, the latest uptick in fuel prices follows a series of hikes in compressed natural gas (CNG) rates. Indraprastha Gas Limited (IGL), a prominent city gas distributor in India, raised CNG prices by Re 1 per kg across its network, marking the second hike within 48 hours. The spike in global crude oil prices, up over 50% since the escalation of tensions involving Iran earlier this year, has disrupted supplies through the vital oil shipping route of the Strait of Hormuz.
Oil marketing companies had previously raised petrol and diesel prices by Rs 3 per litre each, with petrol prices in Delhi climbing to Rs 97.77 and diesel prices rising by Rs 3.11 per litre. Additionally, amid the West Asia conflict, CNG prices were also increased by Rs 2 per kg earlier this month. Industry estimates suggest that the major public sector oil retailers, including Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited, are expected to collectively report losses of nearly Rs 1.2 lakh crore in the first quarter of FY27 alone.
