Petrol and diesel prices were raised for the third time in less than 10 days on Saturday, with rates increasing by up to 91 paise per litre. In Delhi, petrol is now priced at Rs 99.51 per litre, up by 87 paise from Rs 98.64. Diesel prices have risen by 91 paise, climbing from Rs 91.58 to Rs 92.49 per litre.
The latest revision marks the third upward adjustment since May 15, when state-run oil marketing companies began passing on the impact of elevated global energy prices linked to the ongoing West Asia conflict. The increases have been implemented in a calibrated manner.
Fuel rates were first raised by Rs 3 per litre on May 15, followed by another hike of 90 paise on May 19. With the latest revision, petrol and diesel prices have cumulatively risen by nearly Rs 5 per litre over the period.
Petrol Diesel Prices In India On May 23
| City | Petrol (Rs/Litre) | Diesel (Rs/Litre) |
| Delhi | 99.51 | 92.49 |
| Mumbai | 108.49 | 95.02 |
| Kolkata | 110.64 | 97.02 |
| Chennai | 105.31 | 96.98 |
| Bengaluru | 95.04 | 107.14 |
| Chandigarh | 87.9 | 98.1 |
| Hyderabad | 99.95 | 111.84 |
| Jaipur | 93.81 | 108.81 |
| Lucknow | 91.72 | 98.45 |
| Thiruvananthapuram | 100.59 | 111.71 |
Global Oil Prices
Oil swung between gains and losses as traders assessed the outlook for a peace deal to end the Iran war.
West Texas Intermediate rose 0.3% to settle below $97 a barrel, finishing the week down 8.4%. Brent rose 0.9% to settle at $103.54 a barrel, as reported by Bloomberg.
What Drives Petrol and Diesel Prices?
Fuel prices in India depend on several factors, with global crude oil prices being the most significant as crude is the primary raw material used to produce petrol and diesel.
The rupee–dollar exchange rate also influences fuel prices since India imports a large portion of its crude oil requirements. Additionally, central excise duty and state-level VAT significantly affect the final retail price of petrol and diesel, which is why rates differ across cities.
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