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Petrol and diesel prices were increased on Friday by Rs 3 per litre after state-owned oil firms ended a four-year record hiatus in rate revision. Petrol price was hiked to Rs 97.77 per litre from Rs 94.77 in the national capital. Diesel now costs Rs 90.67 as against Rs 89.67 per litre previously.
The increase is a 10th of the desired hike needed to account for the surge in global energy rates since the start of the Middle East conflict. Here are all the updates on the diesel and petrol price hiked in the nation.
As elevated crude prices start to impact balance sheets of oil marketing companies in a major way, BPCL, HPCL and IOCL have announced a standard Rs 3 price hike in petrol and diesel, effective today.
MS (petrol) prices (in Rs per litre):
HSD (diesel) prices (in Rs per litre):
Petrol and diesel prices were increased by Rs 3 per litre each on Friday, May 15 as oil companies passed on part of the spike in global energy prices to consumers.
The war in the Middle East has again sent international oil prices soaring by over 50%. The basket of crude oil that India imports averaged $69 per barrel in February before the war in West Asia broke out. It averaged $113-114 per barrel in subsequent months.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had abandoned the daily price revision in April 2022 to insulate domestic consumers from a steep price increase that was warranted because of international oil prices shooting through the roof post Russia's invasion of Ukraine.
They incurred heavy losses in the first half of the 2022-23 fiscal year, which they recouped when rates fell in subsequent months.
State-owned oil firms had kept fuel price unchanged for 11 weeks despite a surge in input cost, but passed on part of the increase once operations became financially unsustainable, the sources said.
Prices have remained on freeze since April 2022, but had a one-off reduction of Rs 2 a litre each on petrol and diesel in March 2024 just before the Lok Sabha elections.
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