Petrol, Diesel Prices Up By ₹3/Litre: Check Fuel Rates In Delhi, Mumbai, Bengaluru, Kolkata On 16 May

(MENAFN- Live Mint) After almost four years, the Indian oil marketing companies (OMCs) on Friday declared a price hike of ₹3 per litre in diesel and petrol costs, as the West conflict plunged petroleum costs to over $100 per barrel.

Global crude oil prices have surged more than 50 per cent since US-Israeli strikes on Iran on February 28 and Tehran's subsequent retaliation that disrupted energy flows through the Strait of Hormuz.

Fuel price hike

Petrol price in the national capital has been increased to ₹97.77 per litre from ₹94.77, while diesel now costs ₹90.67 against ₹87.67 per litre previously

Petrol and diesel prices are now at their highest since May 2022. Rates vary across states due to differences in value-added tax.

CNG prices in cities like Delhi and Mumbai were also raised by ₹2 per kg.

The Union Finance Ministry also imposed an export duty of ₹3 per litre on petrol on Friday.

Also Read | Oil companies hike petrol, diesel prices by ₹3 a litre More fuel price hike expected?

Consumers can expect additional spikes shortly, as the government navigates the financial fallout of the war.

Additional increases will be permitted to bridge that deficit, yet they shall be distributed gradually to restrict the blow to typical families, according to a Bloomberg report citing sources.

Another ₹2-4 jump is anticipated shortly if oil costs stay elevated, the report said.

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Also Read | Indian consumers hit by fuel price hike may face another spike soon Refiners seek ₹15-20 per litre hike

Public-sector refiners have suggested they must add nearly ₹15 to ₹20 per litre to handle the prevailing emergency, the Bloomberg report said. The government fuel vendors in India manage 90% of the nation's stations, and are technically autonomous in setting tariffs.

According to the government, the public sector OMCs -Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd-have been losing around ₹20 per litre on the sale petrol and around ₹100 per litre on diesel sales due to high oil prices and unchanged retail prices in India.

According to other estimates, the under-recovery on diesel sales, is however, much less.

Also Read | Govt imposes export duty on petrol, cuts levy on diesel, jet fuel exports Why were prices raised?

The government had until now maintained that Indian consumers had been shielded from the surge in global oil prices following the West Asia war, even as retail fuel prices rose in neighbouring countries such as Pakistan, Nepal and Sri Lanka.

Petrol and diesel prices in India had remained unchanged since March 2024, when rates were cut by ₹2 per litre ahead of the Lok Sabha elections. Although fuel prices are officially deregulated, daily revisions by oil marketing companies are rare, given the political sensitivity around retail fuel prices.

In its April monthly economic review, the Department of Economic Affairs under the finance ministry said passing on higher global energy prices to consumers was“inevitable” during a period of supply disruption, as higher prices help moderate demand.

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