Petrol, Diesel Prices On June 1: How Much Does Fuel Cost In Delhi, Mumbai, Bengaluru, Kolkata And Other Cities Today

(MENAFN- Live Mint) Fuel prices remained largely unchanged on Monday, 1 June. The last fuel price hike was on Monday, 25 May, when oil marketing companies (OMCs) increased both petrol and diesel prices by over ₹2.50 per litre.

The last increase 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, taking cumulative hikes since 15 May, has brought the price 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.

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

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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.

Diesel prices in major cities on 1 June

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

More than 150 districts have recorded over 30% 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% in 156 districts, while six districts reported growth of over 100%.

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

While petrol and diesel sold at state-owned petrol pumps continue to be sold 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, which control 90% of the market, have raised petrol and diesel prices by about ₹7.50 per litre since 15 May.

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