- India saw a third fuel price hike in nine days, with petrol and diesel up 90 paise per litre
- The total fuel price increase since May 15 now stands at Rs 4.8 per litre across three hikes
- Government claims India's fuel price rise is among the world's lowest amid global energy shocks
After a long period of fuel price stability, even during the height of the Iran War, India has witnessed its third fuel price hike in nine days, with petrol and diesel prices rising by 90 paise per litre on Saturday. This recent hike came on the back of a Rs 3/litre increase on May 15 and a 90 paise increase on May 19, taking the total cumulative hike to Rs 4.8 per litre.
Amid the price hikes, the government maintains that India's cumulative fuel price increase is "among the world's lowest" given the scale of the global energy shock, sources have told NDTV Profit.
The sources added that the government has absorbed a shock of Rs 30,000 crore to shield consumers by holding prices steady for 76 days before initiating the hike cycle.
The government sources add that the three rounds of increases have helped cut oil marketing company losses to approximately Rs 750 crore per day, which falls in line with NDTV Profit's calculations. This also compares to a figure of Rs 1,000 crore that the OMCs were bearing before the price hike cycle.
Sources further told NDTV Profit that BJP-ruled states have the lowest pump prices, with Maharashtra and Madhya Pradesh moving higher only after VAT revisions.
The highest prices, they said, are in Congress and INDIA bloc-ruled southern states, with Andhra Pradesh flagged as a high-tax NDA outlier.
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