Petrol and diesel prices across India remained unchanged on Friday following the marginal increase announced earlier this week by oil marketing companies. Petrol and diesel rates in major cities have held steady since the latest revision.
The latest round of revisions comes days after Prime Minister Narendra Modi raised concerns around fuel consumption during his austerity call speech in Hyderabad. Since then, the government has revised fuel prices twice. In cities including Kolkata, Chennai, Mumbai and Hyderabad, petrol prices continue to remain above the ₹100-per-litre mark.
Petrol and diesel prices were raised by around 90 paise per litre on 19 May across several metros, including Delhi, Mumbai, Bengaluru and Kolkata. The move followed an earlier ₹3-per-litre hike on 15 May, the first major fuel price increase in more than four years.
₹3-per-litre hike last week
Before the ₹3-per-litre hike, petrol in Delhi was retailing at ₹94.77 per litre while diesel was priced at ₹87.67 per litre.
According to Reuters, the recent fuel price hikes were aimed at partially offsetting losses suffered by public-sector fuel retailers due to elevated crude oil prices.
The rise in domestic fuel prices has been linked to volatility in global crude oil markets amid geopolitical tensions in West Asia. Reuters reported Tuesday that Brent crude prices slipped 2.4% to $109.43 per barrel after US President Donald Trump paused a planned military strike against Iran, easing concerns over an immediate escalation in the region.
However, crude oil prices remain significantly higher than levels seen earlier this year. Reuters had earlier reported that Brent crude climbed to two-week highs amid fears of supply disruptions linked to the Iran conflict and uncertainty around shipping movements through the Strait of Hormuz.
Previous LiveMint reports, citing brokerage Emkay Global Financial Services, had said petrol and diesel prices could rise by another ₹18-20 per litre over the next three to six months if crude oil prices remain elevated.
