The petrol diesel price today has increased once again across major Indian cities. This is the fourth fuel price hike in the last 11 days. Due to the latest increase, the petrol price in Delhi has crossed Rs 100 per litre for the first time in months. Rising global crude oil prices and supply disruptions caused by the Iran war are being blamed for the sharp increase.
The new fuel price hike India is expected to affect household budgets, transport costs, and prices of daily essential goods.
Petrol Diesel Price Today in Major Cities
Oil companies revised fuel rates on Monday. Petrol prices were increased by Rs 2.61 per litre, while diesel prices went up by Rs 2.71 per litre in Delhi.
Latest Petrol Prices in India
| City | New Petrol Price (Per Litre) | Increase |
|---|---|---|
| Delhi | Rs 102.12 | +Rs 2.61 |
| Kolkata | Rs 113.51 | +Rs 2.87 |
| Mumbai | Rs 111.21 | +Rs 2.72 |
| Chennai | Rs 107.77 | +Rs 2.46 |
The latest rise has pushed the petrol diesel price today to record levels in several metro cities.
Diesel Prices Also Increased
Diesel prices were also revised upward across the country. The increase in diesel prices is likely to affect transportation and logistics costs.
Latest Diesel Prices in India
| City | New Diesel Price (Per Litre) | Increase |
|---|---|---|
| Delhi | Rs 95.20 | +Rs 2.71 |
| Kolkata | Rs 99.82 | +Rs 2.80 |
| Mumbai | Rs 97.83 | +Rs 2.81 |
| Chennai | Rs 99.55 | +Rs 2.57 |
Experts believe the higher diesel rates may increase the cost of vegetables, milk, bread, and other daily-use items.
Why Fuel Price Hike India Happened Again
The fresh fuel price hike India is linked to the ongoing Iran war, which has affected global oil supply chains. The Strait of Hormuz, one of the world’s most important oil transport routes, has faced disruptions during the conflict.
Because of this situation, crude oil prices in the international market increased sharply over the last few weeks. Even though global oil prices recently dropped below $100 per barrel, Indian oil companies are still under financial pressure.
Impact of the Iran War on Oil Supply
India imports a large amount of crude oil from foreign countries. When global oil prices rise, oil marketing companies have to pay more for crude oil imports. For several weeks, companies continued selling fuel at old prices despite buying expensive crude oil. This created huge losses for oil companies.
According to reports, the three major oil marketing companies — Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited — were losing more than Rs 1,000 crore every day combined. As losses continued to grow, the government and oil companies finally decided to increase fuel prices.
Previous Fuel Price Hikes
This is not the first increase in recent days. On May 23, petrol prices were increased by 87 paise per litre, while diesel prices went up by 91 paise per litre.
At the same time, CNG prices in Delhi were also increased by Re 1 per kilogram. The new CNG price reached Rs 81.09 per kg. The repeated rise in fuel costs within a short period has raised concerns among consumers and businesses.
Experts Warn About More Petrol Price Increases
Industry experts say oil companies may continue making small fuel price changes if crude oil prices remain high. Sourav Mitra, Partner – Oil and Gas at Grant Thornton Bharat, said that recent fuel hikes may provide some relief to oil companies, but the situation is still difficult.
He explained that even if tensions in the Middle East reduce, risks around the Strait of Hormuz may continue for some time. This could keep crude oil prices above $90 per barrel. He also said that the weakening Indian rupee is adding more pressure on oil companies because importing crude oil becomes more expensive when the rupee falls against the US dollar.
According to experts, the government now faces a difficult balance between protecting consumers from inflation and supporting the financial health of oil companies.
Petrol Diesel Price Today After Years of Stability
Fuel prices in India had remained mostly stable since April 2022. Before the 2024 Lok Sabha elections, petrol and diesel prices were even reduced by Rs 2 per litre to provide relief to consumers.
Because of that, the current petrol diesel price today increase comes after a long gap. Many people are now worried that rising fuel costs could increase inflation further.
How Higher Petrol Price Affects Common People
The latest petrol price rise is expected to impact both middle-class families and businesses. Higher fuel prices increase transportation costs, which often leads to higher prices for food items and essential goods.
Delivery services, taxi fares, and public transport may also become more expensive in the coming weeks. If global crude oil prices continue to remain high, consumers may see more fuel price revisions in the future.
