Petrol, diesel prices hiked again: 4th increase in 2 weeks pushes Delhi petrol to ₹102.12, diesel to ₹95.20

In less than 10 days, petrol and diesel prices have been raised for the fourth time, with the latest hike coming on Monday, 25 May. The cumulative increase in retail fuel rates now stands at ₹ ₹7.5 per litre per litre, as state-owned firms continue to pass on rising international prices to consumers.

Diesel prices have increased by Rs. 2.71 per litre and petrol by Rs. 2.61 per litre, taking petrol in Delhi to ₹102.12.

With the latest revision, cumulative increases in petrol and diesel prices amount to nearly ₹7.5 per litre since fuel rate revisions resumed on 15 May after a prolonged freeze.

Petrol prices today in four metro cities (after today's hike)

Delhi ₹102.12 (+2.61)

Kolkata ₹113.51 (+2.87)

Mumbai ₹111.21 (+2.72)

Chennai ₹107.77 (+2.46)

High-speed diesel prices today in four metro cities (after today's hike)

Delhi ₹95.20 (+2.71)

Kolkata ₹99.82 (+2.80)

Mumbai ₹97.83 (+2.81)

Chennai ₹99.55 (+2.57)

The successive hikes reflect efforts by state-owned oil marketing companies to pass on the burden of soaring international crude oil prices after keeping retail fuel rates unchanged for an extended period. The increase comes amid elevated global crude prices, tightening refining margins, and a weakening rupee, all of which have significantly increased India’s import costs.

State-run fuel retailers like Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd together account for nearly 90% of India’s fuel retail market.

The repeated fuel price hikes follow a sharp surge of more than 50% in global crude oil prices since late February, triggered by US-Israeli strikes on Iran and disruptions in shipments through the Strait of Hormuz, one of the world’s most crucial oil transit chokepoints.

City-wise petrol prices on 25 May

After Monday's increase, petrol at PSU pumps in Mumbai now costs ₹111.21 per litre, and diesel ₹97.83; in Kolkata, petrol costs ₹113.51 and diesel ₹99.82. In Chennai, petrol is priced at ₹107.77 and diesel at ₹99.55.

Prices vary across states due to local taxes.

City-wise diesel prices on 25 May

Will there be more fuel price hikes?

Madan Sabnavis, Chief Economist, Bank of Baroda, earlier told LiveMint, that “given the losses being incurred by OMCs, rise in petrol and diesel prices was inevitable.”

He said more price hikes could follow, as the current increase may not fully compensate OMCs for their losses.

Financial services firm Emkay Global Financial Services has estimated that petrol and diesel prices could increase by as much as ₹10 per litre in the near term, as oil marketing companies attempt to offset the impact of elevated global crude oil prices.