Petrol, Diesel Prices A Day After 3Rd Hike: Check Fuel Rates In Delhi, Mumbai, Bengaluru On May 24

(MENAFN- Live Mint) In under 10 days, petrol and diesel prices were raised for a third time on Saturday, taking the cumulative increase in retail fuel rates to nearly ₹5 a litre. The latest revision pushed petrol prices higher by 87 paise per litre and diesel by up to 91 paise across the country.

These back-to-back increases are an attempt by the state-owned firms to pass on soaring international oil prices after a prolonged freeze in retail fuel prices. It comes amid elevated crude oil prices in the global market, tightening refining margins, and a weaker rupee, which have sharply raised the cost of imports.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together control 90 per cent of India's fuel market.

The back-to-back increases come after global crude oil prices surged more than 50 per cent since late February, following US-Israeli strikes on Iran and disruptions to shipments through the Strait of Hormuz, a critical global oil transit route.

Fuel price hike in the past 10 days

Petrol and diesel prices were increased by ₹3 per litre each on May 15 and 90 paise a litre on May 19.

With the latest hike, petrol and diesel prices have risen to nearly ₹5 a litre since the state-owned oil marketing companies on May 15 ended the hiatus in rate revision, stoking concerns over inflationary pressures and higher transportation costs across the economy.

Fuel retailers had kept pump prices low despite rising input costs, a move the government said was aimed at shielding consumers from inflation.

Also Read | Petrol, Diesel price hike: Are you paying more for fuel in Cong-ruled states? City-wise petrol prices

Petrol price was increased by 87 paise in Delhi to ₹99.51 per litre from ₹98.64 earlier.

After Saturday's increase, petrol at PSU pumps in Mumbai now costs ₹108.49 per litre and diesel ₹95.02, and Kolkata prices rose to ₹110.64 and ₹97.02, respectively. In Chennai, petrol is priced at ₹105.31 and diesel at ₹96.98.

Prices vary across states due to local taxes.

City-wise diesel prices

The diesel price was hiked by 91 paise to ₹92.49 a litre from ₹91.58 previously.

Also Read | Fuel price hiked third time in 10 days: Analysts warn of more hikes ahead Will there be more fuel price hike?

Madan Sabnavis, Chief Economist, Bank of Baroda, said. earlier told Livemint, that“given the losses being incurred by OMCs, rise in petrol and diesel prices was inevitable.”

He said more price hikes could follow, as the current increase may not be enough to fully compensate OMCs for their losses.

How much hike can we expect?

Financial services firm Emkay Global has estimated that petrol and diesel prices could rise by as much as ₹10 per litre in the near term, as OMCs try to offset the impact of higher crude oil prices.

(With agency inputs)

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