Petrol, Diesel Prices Raised Again As Crude Oil Stays Elevated

Fuel prices rose across major Indian cities on Tuesday, with petrol and diesel becoming costlier by around 90 paise per litre after public sector oil marketing companies revised retail rates upward.

In Delhi, petrol prices increased by 87 paise to ₹98.64 per litre from ₹97.77 earlier. Diesel prices in the capital climbed by 91 paise to ₹91.58 per litre.

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The latest revision comes days after petrol and diesel prices were raised by ₹3 per litre on Friday amid rising international crude oil prices. India imports nearly 90% of its crude oil requirement, making domestic fuel prices sensitive to global energy movements and exchange rate fluctuations.

Fuel Prices Across Major Cities

Mumbai recorded petrol prices at ₹107.59 per litre after an increase of 91 paise, while diesel prices rose by 94 paise to ₹94.08 per litre.

Kolkata saw the sharpest increase in petrol prices among the four metro cities. Petrol rates there rose by 96 paise to ₹109.70 per litre, while diesel prices increased by 94 paise to ₹96.07 per litre.

In Chennai, petrol prices went up by 82 paise to ₹104.49 per litre. Diesel prices in the city increased by 86 paise to ₹96.11 per litre.

Crude Oil Rally Drives Fuel Price Revision

Retail fuel prices had largely remained unchanged since April 2022, except for a ₹2 per litre reduction announced in March 2024 ahead of the Lok Sabha elections.

State-run oil marketing companies had suspended daily fuel price revisions in 2022 following sharp fluctuations in global crude oil prices after the Russia-Ukraine conflict.

However, crude oil prices have risen sharply again in recent months due to the ongoing conflict in West Asia. India’s crude basket averaged around $69 per barrel in February before increasing to nearly $113-114 per barrel recently, according to official data.

Higher crude oil prices have widened the gap between international fuel costs and domestic retail prices.

Government Says Fuel Supplies Remain Stable

The Centre has stated that there is no fuel shortage despite disruption in global energy trade routes.

Oil Secretary Neeraj Mittal recently said at the CII Annual Business Summit that India has adequate fuel supplies and there is no plan for rationing. Officials indicated that the country currently holds around 60 days of fuel stocks along with nearly 45 days of LPG inventory.

Meanwhile, compressed natural gas prices have also increased in recent days. Indraprastha Gas Limited raised CNG prices in Delhi-NCR by ₹2 to ₹79.09 per kg, while additional revisions were announced in Mumbai and surrounding regions.

Petroleum Minister Hardeep Singh Puri earlier stated that state-run oil marketing companies were collectively losing around ₹1,000 crore daily due to elevated crude oil prices and unchanged domestic fuel rates.