Petrol, Diesel Prices On May 31: How Much Does Fuel Cost In Delhi, Mumbai, Bengaluru, Kolkata And Other Cities

(MENAFN- Live Mint) Fuel prices remained unchanged on Sunday, May 31. The latest fuel price hike was reported on Monday, May 25, when both petrol and diesel prices were increased by over ₹2.50 per litre.

This was the fourth price hike in less than two weeks, extending a delayed pass-through of soaring global crude oil costs triggered by the Iran conflict.

The latest increase took cumulative hikes since May 15 to nearly ₹7.5 per litre.

Fuel prices have now reached their highest levels since May 2022 after remaining largely frozen for more than two years, barring a ₹2-per-litre cut in March 2024 ahead of national elections.

The war in West Asia disrupted global energy supplies, including those to India. India's 40 per cent of crude imports, 65 per cent of natural gas and 90 per cent of LPG supplies, which came from countries in the Gulf region, were disrupted due to the three-month-long conflict.

Change in petrol and diesel prices

Petrol prices were raised by ₹2.61 a litre and diesel by ₹2.71 on Monday, the fourth increase.

In Delhi, petrol prices rose to ₹102.12 per litre from ₹99.51, while diesel climbed to ₹95.20 from ₹92.49.

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Diesel prices in major cities on May 31

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The government said higher retail fuel sales were being driven partly by agricultural demand and by a shift in purchases from bulk buyers and private fuel retailers to state-run outlets due to the price difference.

More than 150 districts have recorded over 30 per cent growth in petrol sales, with 14 districts seeing sales double, Sujata Sharma, joint secretary in the petroleum ministry, said.

Diesel sales rose more than 30 per cent in 156 districts, while six districts reported growth of over 100 per cent.

Sales by private fuel retailers have fallen 38 per cent for diesel, while state-run oil marketing companies have seen bulk diesel sales decline 29 per cent, she added.

While petrol and diesel sold through petrol pumps of state-owned firms continues to be below cost, bulk users such as telecom towers are charged market rates. Also private retailers have hiked petrol and diesel prices much more than their PSU counterparts.

IOC, BPCL, and HPCL, who control 90 per cent of the market, have raised petrol and diesel prices by about ₹7.50 per litre since May 15.

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