Petrol and Diesel Fuel Rates Remain Stable On June 1; Check Price In Major Cities

Prices of petrol and diesel remained stagnant in the country on June 1 after OMCs increased fuel prices in the second half of May due to higher global crude prices.

On May 25, OMCs increased petrol prices by ₹2.61 per litre and diesel prices by ₹2.71 per litre. It was the fourth successive price hike in less than two weeks that led fuel prices to remain the highest since May 2022.

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Since May 15, the total increase in the fuel price is around ₹7.50 per litre in both the fuels amid global crude price hikes amid energy supply disruption in West Asia due to conflicts there.

Petrol And Diesel Prices In Major Cities

Impact Of Recent Fuel Price Hikes

The latest round of revisions significantly increased retail fuel costs in major cities. In Delhi, petrol prices climbed to ₹102.12 per litre from ₹99.51, while diesel rose to ₹95.20 per litre from ₹92.49.

The recent increases followed a sharp rise in international crude oil prices after supply chains across the Gulf region were affected by the prolonged conflict in West Asia. India depends heavily on the region for energy imports, including crude oil, natural gas and LPG supplies.

Despite the latest hikes, fuel prices remained unchanged on June 1, indicating a pause in retail price revisions.

Fuel Demand Remains Strong

According to information shared by the petroleum ministry, fuel consumption has remained robust in several parts of the country.

Joint Secretary Sujata Sharma said higher retail sales were supported by agricultural demand and a shift in fuel purchases from private retailers and bulk consumers to state-run fuel outlets because of pricing differences.

More than 150 districts recorded petrol sales growth exceeding 30%, while 14 districts reported a doubling of petrol sales. Diesel demand also remained strong, with over 156 districts registering growth of more than 30%, and six districts reporting increases exceeding 100%.

State-run oil companies, including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, have raised fuel prices by about ₹7.50 per litre since May 15 and continue to account for the majority of fuel retail sales across the country.