New Delhi, May 15 — Petrol and diesel prices were increased by around Rs 3 per litre across the country on Friday, ending a prolonged freeze in retail fuel rates as rising global crude oil prices and mounting pressure on oil marketing companies pushed costs higher.
With the latest revision, petrol in Delhi now costs Rs 97.77 per litre, up from Rs 94.77, while diesel has risen to Rs 90.67 per litre from Rs 87.67, according to industry data.
In Kolkata, petrol prices climbed to Rs 108.74 per litre, among the highest in the country, while diesel reached Rs 95.13 per litre. Mumbai and Chennai also recorded sharp increases.
Officials and industry sources said the hike comes amid a steep rise in international crude oil prices linked to escalating tensions involving Iran and broader instability in West Asia.
“Oil marketing companies had been absorbing a significant portion of the increase in input costs for an extended period,” an industry source said. “With crude prices remaining elevated, maintaining the earlier retail rates had become financially difficult.”
International crude prices, which averaged around USD 69 per barrel in February, have surged beyond USD 113–114 per barrel in recent months, according to industry estimates.
State-run retailers — Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited — had largely kept fuel prices unchanged since April 2022 despite volatility in global markets following the Russia-Ukraine war.
While the Centre had announced a one-time reduction of Rs 2 per litre in March 2024 ahead of the Lok Sabha elections, no major revision had been carried out since then.
Industry officials said oil companies had reported heavy under-recoveries during 2022–23 after retail prices remained static despite soaring crude costs. Although margins improved temporarily when global oil prices softened, the renewed surge linked to geopolitical tensions has again strained finances.
The revised petrol prices in key cities are: Chandigarh Rs 94, Delhi Rs 97.77, Himachal Pradesh Rs 94.20, Kolkata Rs 108.74, Mumbai Rs 106.68 and Chennai Rs 103.67 per litre.
Diesel prices now stand at Rs 82.45 in Chandigarh, Rs 90.67 in Delhi, Rs 86.26 in Himachal Pradesh, Rs 95.13 in Kolkata, Rs 93.14 in Mumbai and Rs 95.25 in Chennai.