New Delhi: Fuel prices across India were raised again on Monday, marking the fourth hike in nearly two weeks, as state-run oil marketing companies continue calibrated revisions amid rising global crude oil prices and geopolitical tensions.

Petrol prices have increased by ₹2.61 per litre, while diesel has gone up by ₹2.71 per litre. Following the latest revision, petrol in New Delhi is priced at ₹102.12 per litre, while diesel stands at ₹95.20 per litre.

City-wise rates today

Petrol:

Delhi 102.12 (+2.61)

Kolkata 113.51 (+2.87)

Mumbai 111.21 (+2.72)

Chennai 107.77 (+2.46)

Thiruvananthapuram 115.49 (+2.85)

Diesel:

Delhi 95.20 (+2.71)

Kolkata 99.82 (+2.80)

Mumbai 97.83 (+2.81)

Chennai 99.55 (+2.57)

Thiruvananthapuram 104.41 (+2.86)

Crude oil prices, however, dropped in international markets during early trade on Monday, even as retail fuel rates in India continued to rise due to prior cost pressures and under-recovery adjustments.

The repeated increases come as oil companies attempt to recover losses incurred after holding retail prices steady despite crude oil crossing the $100 per barrel mark in global markets.

With the latest changes, cumulative increases in petrol and diesel prices are almost Rs 7.5 per litre since fuel rate revision resumed on May 15 after a prolonged freeze.

Oil executives cite geopolitical tensions, under-recoveries and currency pressure

Senior officials from state-run oil firms, including ONGC and BPCL, said the hikes reflect continued volatility in global crude markets driven by West Asia tensions, currency fluctuations, and accumulated under-recoveries faced by oil marketing companies.

Speaking on the impact of the West Asia conflict, ONGC Director (Exploration) Sushma Rawat said crude oil prices have remained highly volatile amid uncertainty over the conflict.

“Whenever there is a declaration that there is a peace accord, the crude prices start to dip. And when you realise that there is no solution, the prices go up again,” Rawat said.

She noted that Indian consumers had been shielded from the full impact of rising global energy prices for a period of time.

“The government has given relief to the people for 76 days, during which the price has not increased. The price has increased, because the OMCs were taking a hit of almost Rs 1,000 crore a day. How long do you sustain that?” she asked.

Former Marketing Director of Bharat Petroleum Corporation Ltd (BPCL), Sukhmal Kumar Jain, also highlighted financial stress on public sector oil companies due to rising crude prices and a weakening rupee.

“The public sector oil companies are still in heavy under-recoveries,” Jain said, adding that crude prices had risen from around USD 65-70 per barrel to USD 110-115 per barrel during the conflict period.

He said India’s heavy dependence on imported crude oil had amplified the economic impact.

Jain added that India imports nearly 85 per cent of its crude requirements.

“The situation for the oil companies is that the cost is more and the recovery is less,” he said.