Fuel prices across the country witnessed another increase on Tuesday, with petrol and diesel rates going up for the second time in less than a week.
Diesel prices were raised by 91 paise per litre, while petrol became costlier by 87 paise per litre. The latest hike follows Friday’s increase of ₹3 per litre for both fuels, further pushing up retail prices in major cities.
Second Fuel Hike in Less Than a Week
The fresh revision has added to consumer concerns as global crude oil prices continue to surge amid ongoing tensions in the Middle East.
Here is how petrol and diesel are priced in your city today:
Global Crude Surge Driving Import Costs
Officials from the petroleum ministry said India currently has adequate fuel reserves despite the volatile global energy situation.
Sujata Sharma, Joint Secretary in the Ministry of Petroleum, said the crisis in the Middle East has persisted for over two and a half months, while shipping conditions through the Strait of Hormuz remain unstable.
She noted that international prices of crude oil, natural gas and LPG have risen sharply, increasing India’s import burden.
Refineries Operating Normally, Says Government
Despite the global uncertainty, Sharma said Indian refineries are functioning without disruption and that the country maintains sufficient crude oil reserves.
Retail fuel prices in India had largely remained unchanged since April 2022, except for a ₹2 per litre cut in petrol and diesel prices announced in March 2024 ahead of the Lok Sabha elections.
Oil Companies Under Pressure
With global crude prices crossing the $100 per barrel mark, compared with earlier levels near $70, Oil Marketing Companies faced mounting financial pressure while domestic retail prices remained frozen.
Losses reportedly touched nearly ₹1,000 crore per day for major public sector fuel retailers.
Oil Marketing Companies, including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, had suspended the daily fuel price revision mechanism in April 2022 to shield consumers from sudden spikes.
RBI Governor Warns of Further Price Pressure
Earlier, RBI Governor Sanjay Malhotra had indicated that prolonged instability in the Middle East could eventually force the government to allow further increases in petrol and diesel prices.
