New Delhi: Petrol and diesel prices were hiked by Rs 3 per litre on Friday amid mounting pressure from rising global crude oil prices triggered by the ongoing West Asia conflict, news agency PTI reported. Following the revision, petrol prices in Delhi increased from Rs 94.77 to Rs 97.77 per litre, while diesel rates rose from Rs 87.67 to Rs 90.67 per litre.
India had so far avoided a major increase in retail fuel prices despite surging global crude oil prices and the worsening situation in West Asia.
The latest Rs 3 per litre increase covers only a fraction of the pressure stemming from the West Asia conflict, PTI news agency quoted sources as saying.
State-run oil marketing companies had held retail fuel prices steady for nearly 11 weeks despite rising input costs, but were eventually forced to pass on part of the burden as losses mounted and operations became increasingly difficult to sustain financially.
Petrol and diesel prices had largely remained unchanged since April 2022, except a one-time Rs 2 per litre cut announced in March 2024 ahead of the Lok Sabha elections.
Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd suspended daily fuel price revisions in April 2022 to shield consumers from the global oil shock triggered by Russia’s war against Ukraine. While the three firms absorbed heavy losses initially, they later recovered some of the hit as crude prices eased.
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