Petrol, Diesel Prices Rise Again; India Has Adequate Fuel Reserves
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- Fuel prices in India saw another hike of around 90 paise per litre on Tuesday, marking the second increase in less than a week.
- Despite rising global crude oil prices due to the Middle East crisis, officials state India has adequate fuel reserves.
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Petrol and diesel prices in India have seen a significant increase, with two hikes in less than a week. This comes after a period of stable prices since April 2022, during which Oil Marketing Companies incurred substantial daily losses due to rising global crude oil prices.
Petrol and diesel prices across the country registered another increase on Tuesday, rising by around 90 paise per litre. This marks the second hike in fuel rates in less than a week. Diesel prices have gone up by 91 paise per litre, while petrol has become costlier by 87 paise per litre. The latest revision follows an earlier increase announced on Friday, when oil companies raised petrol and diesel prices by Rs 3 per litre, pushing fuel costs higher across major metro cities. Here is how petrol and diesel are priced in your city today:
Petrol price today
City
Price
New Delhi
Rs 98.64
Kolkata
Rs 109.70
Mumbai
Rs 107.59
Chennai
Rs 104.46
Gurgaon
Rs 99.29
Noida
Rs 98.91
Bangalore
Rs 107.12
Bhubaneswar
Rs 105.09
Chandigarh
Rs 98.10
Hyderabad
Rs 111.88
Jaipur
Rs 109.32
Lucknow
Rs 98.40
Patna
Rs 110.02
Thiruvananthapuram
Rs 111.71
Diesel price today
City
Price
New Delhi
91.58
Kolkata
96.07
Mumbai
94.08
Chennai
96.11
Gurgaon
91.80
Noida
92.21
Bangalore
95.04
Bhubaneswar
96.68
Chandigarh
86.09
Hyderabad
99.95
Jaipur
94.50
Lucknow
91.73
Patna
96.05
Thiruvananthapuram
100.60
Meanwhile, on the energy situation, officials have maintained that India currently holds adequate fuel reserves. Sujata Sharma, joint secretary in the ministry of petroleum, said the Middle East crisis has been ongoing for over two and a half months, with conditions in the Strait of Hormuz still not normal. She also noted that global prices of crude oil, natural gas and LPG have risen sharply, which is impacting India’s import costs. At the same time, she said refineries are functioning normally and that the country has sufficient crude oil reserves. Retail fuel prices in India had largely remained unchanged since April 2022, apart from a one-time reduction of Rs 2 per litre each in petrol and diesel announced in March 2024 ahead of the Lok Sabha elections. With global crude prices continuing to climb beyond the $100 per barrel mark, compared with earlier levels of around $70, and retail prices in the country remaining unchanged, Oil Marketing Companies faced mounting losses of up to Rs 1,000 crore per day. Oil Marketing Companies such as Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited had suspended the daily fuel price revision mechanism in April 2022, aiming to shield consumers from sharp price increases. Earlier, RBI Governor Sanjay Malhotra had stated that the government may eventually have to raise petrol and diesel prices if the ongoing Middle East crisis continues for a prolonged period.
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Further increases in petrol and diesel prices are likely if the Middle East crisis persists.
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Açık Sorular
- What is the projected duration of the Middle East crisis?
- Will there be further fuel price revisions in the immediate future?
- What measures is the government considering to mitigate the impact of rising fuel costs on consumers?
- How will the sustained increase in fuel prices affect India's inflation rate?
