Step-by-step fuel shock: Petrol, diesel prices raised ₹5 in a week amid nationwide protests
Petrol and diesel prices in India were increased again on Saturday, marking the third fuel price hike in May. State-run oil marketing companies raised petrol prices by 87 paise per litre and diesel prices by 91 paise per litre amid rising international crude oil prices linked to the ongoing Iran-US conflict.
The latest revision pushed petrol prices in Delhi to ₹99.51 per litre, while diesel prices climbed to ₹92.49 per litre. Fuel prices also increased across other major metro cities including Mumbai, Kolkata and Chennai.
Latest fuel prices in metro cities
| Metro city | Petrol price | Diesel price |
|---|---|---|
| Delhi | ₹99.51 | ₹92.49 |
| Kolkata | ₹110.64 | ₹97.02 |
| Mumbai | ₹108.49 | ₹95.02 |
| Chennai | ₹105.31 | ₹96.98 |
Fuel price hike timeline
1. May 15
Petrol, diesel prices increased by ₹3 per litre
2. May 19
Fuel prices increased again by around 90 paise
3. May 23
- Petrol price hiked by 87 paise
- Diesel price hiked by 91 paise
Total hike in one week
Petrol and diesel prices increased by nearly ₹5 per litre in just 7 days
Why fuel prices are rising
The fresh increase comes as India attempts to manage the impact of rising crude oil prices in the global market. Oil prices surged after tensions escalated in West Asia following US-Israeli strikes on Iran and reports of Iran closing the Strait of Hormuz, a key global oil shipping route.
India imports more than 88 per cent of its crude oil requirements, making the country highly sensitive to global geopolitical tensions and supply disruptions. A weakening Indian rupee has also added pressure on fuel imports. The rupee has reportedly declined nearly 6 per cent against the US dollar since the beginning of the year.
Nearly ₹5 increase within a week
Fuel prices have now increased almost ₹5 per litre in just over a week. The first major hike came on May 15, when prices were raised by ₹3 per litre. Another increase of around 90 paise followed on May 19 before the latest revision on May 23.
The continuous revisions have increased concerns among consumers as transportation and daily commodity costs are also expected to rise.
Oil companies still under pressure
State-run retailers including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited had earlier stated that they were facing combined daily losses of nearly ₹1,000 crore due to high crude oil prices.
Industry analysts said the latest hike may provide partial relief to oil companies, but retailers are still estimated to be losing around ₹9-12 per litre on fuel sales. Experts warn that further fuel price hikes may follow if crude oil prices continue to remain elevated globally.