Petrol, Diesel Prices Hiked For Fourth Time: Check Latest Fuel Rates In Delhi, Mumbai, Bengaluru On 26 May

(MENAFN- Live Mint) Petrol and diesel prices were hiked for the fourth time in less than two weeks on Monday, 25 May, with cumulative increase in retail fuel rates now stands at ₹ ₹7.5 per litre per across major cities. The latest revision pushed petrol prices in Delhi to ₹102.12 per litre, while diesel rose to ₹95.20 per litre, according to price notifications issued by fuel retailers.

The hike comes amid continued volatility in global crude oil markets following escalating geopolitical tensions in West Asia and disruptions around the Strait of Hormuz, a key oil shipping route. International crude oil prices have remained elevated over the past few weeks, prompting oil marketing companies to gradually pass on higher costs to consumers after months of price stability.

According to a report by Liveint, Monday's revision marks the fourth increase in fuel prices since May 15. Oil companies had earlier announced a ₹3 per litre hike, followed by two smaller increases before the latest revision.

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After Monday's increase, petrol at PSU pumps in Mumbai now costs ₹111.21 per litre, and diesel ₹97.83; in Kolkata, petrol costs ₹113.51 and diesel ₹99.82. In Chennai, petrol is priced at ₹108.01 and diesel at ₹99.55.

Prices vary across states due to local taxes.

City-wise diesel prices on 26 May

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Fuel prices had largely remained unchanged since 2022 despite fluctuations in international crude oil prices. However, oil retailers resumed regular revisions earlier this month after crude prices surged sharply due to geopolitical uncertainties and supply concerns in the global energy market.

Industry analysts cities by Reuters said public sector oil marketing companies, including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, are attempting to offset mounting under-recoveries caused by higher crude import costs and currency fluctuations.

According to Mint, the three state-run retailers together account for nearly 90% of India's fuel retail market. The report added that companies had absorbed a significant portion of rising crude costs over the past several months before restarting price revisions this month.

Will there be more fuel price hikes?

Madan Sabnavis, Chief Economist, Bank of Baroda, 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 fully compensate OMCs for their losses.

Financial services firm Emkay Global Financial Services has estimated that petrol and diesel prices could increase by as much as ₹10 per litre in the near term, as oil marketing companies attempt to offset the impact of elevated global crude oil prices.

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