Petrol and Diesel Prices Hiked by Nearly 90 Paise: Second Increase in a Week Adds to Consumer Burden

In a fresh blow to household budgets, state-run oil marketing companies have raised the prices of petrol and diesel by approximately 90 paise per litre across major cities in India. This marks the second upward revision in fuel rates within just a few days, following a significant Rs 3 per litre hike implemented on May 15.

According to industry sources, the latest adjustment reflects ongoing pressures from elevated global crude oil prices, which have surged past $109 per barrel amid geopolitical tensions in West Asia, including the Iran conflict and disruptions in key shipping routes like the Strait of Hormuz.

In the national capital New Delhi, petrol now sells at Rs 98.64 per litre, up from Rs 97.77, while diesel prices have climbed to Rs 91.58 per litre from Rs 90.67. Similar increases of 80-96 paise were observed in other metros, with variations depending on local taxes and transportation costs. For instance, Kolkata saw petrol rise by about 96 paise to Rs 109.70 per litre.

This back-to-back revision comes after a prolonged period of price stability, with the May 15 increase being the first major adjustment in over four years. Oil companies had been absorbing losses amid volatile international markets, but sustained high crude costs have now forced them to pass on a portion of the burden to consumers.

Transport operators and logistics firms have expressed concern over the cumulative effect, warning of higher freight charges that could eventually translate into increased costs for essential goods and groceries. Commuters, already grappling with inflationary pressures, are feeling the pinch at the pump, with many describing the hikes as a "harsh reality" for daily travel.

Economists note that while the hikes help oil marketing companies (OMCs) like Indian Oil, Bharat Petroleum, and Hindustan Petroleum recover some losses, they could contribute to broader inflationary trends in the coming months. The government has not issued an immediate statement on further adjustments, but analysts suggest more revisions cannot be ruled out if global oil prices remain elevated.