Petrol, diesel prices hiked by ₹3 per litre each

Petrol and diesel prices were hiked by ₹3 per litre on Friday after state-owned oil marketing companies revised fuel rates for the first time in nearly four years.

In Delhi, petrol price rose from ₹94.77 to ₹97.77 per litre, while diesel increased from ₹89.67 to ₹90.67 per litre, according to industry sources.

The hike comes amid a sharp rise in global crude oil prices following the conflict in West Asia. However, industry sources said the latest increase covers only a fraction of the actual rise in input costs.

State-owned oil companies had kept fuel prices unchanged for several weeks despite rising international oil prices, citing market stability concerns. Fuel rates had largely remained frozen since April 2022, except for a ₹2 per litre reduction in both petrol and diesel announced in March 2024 ahead of the Lok Sabha elections.

Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had stopped daily fuel price revisions in April 2022 to shield consumers from volatile global oil prices following Russia’s invasion of Ukraine.

The three companies had suffered losses during 2022-23 but later recovered as crude prices eased. However, tensions in West Asia have once again pushed up global crude oil prices significantly.

India’s crude basket averaged around USD 69 per barrel in February before the conflict in West Asia, but later climbed to around USD 113-114 per barrel, sources said.