Indian consumers are facing higher fuel costs as state-run oil marketing companies (OMCs) implemented the fourth price hike in just two weeks. This latest revision sees petrol prices rise by ₹2.61 per litre and diesel by ₹2.71 per litre, pushing petrol in Delhi past the ₹100 mark.
Rising Global Crude and West Asia Tensions
The primary driver behind these consistent price increases is the volatile global crude oil market, with prices now consistently above $100 per barrel. The ongoing conflict in West Asia, particularly the US-Iran situation and its impact on the Strait of Hormuz, has kept energy markets on edge.
Sushma Rawat, ONGC Director (Exploration), explained the difficult position of OMCs. She noted that while the government absorbed rising global prices for 76 days, OMCs were incurring losses of approximately ₹1,000 crore daily. This unsustainable situation necessitated the price adjustments to recover accumulated losses.
New City-Wise Fuel Rates
Following the latest hike, fuel prices in major Indian cities are as follows:
- In New Delhi, petrol is now priced at ₹102.12 per litre (up ₹2.61) and diesel at ₹95.20 per litre (up ₹2.71).
- Mumbai sees petrol at ₹111.21 per litre (up ₹2.72) and diesel at ₹97.83 per litre (up ₹2.81).
- Kolkata's petrol rate is ₹113.51 per litre (up ₹2.87), with diesel at ₹99.82 per litre (up ₹2.8).
- Chennai residents are paying ₹107.77 for petrol (up ₹2.46) and ₹99.55 for diesel (up ₹2.57).
With no immediate resolution to the West Asia conflict and global crude remaining elevated, further fuel price revisions cannot be ruled out if international market conditions persist.