Fuel prices were increased once again across India on Saturday, with petrol becoming costlier by ₹0.87 per litre and diesel by ₹0.91 per litre. This marks the third hike in retail fuel rates within the last 10 days, raising concerns among consumers already facing rising expenses.
In the national capital, Delhi, petrol prices climbed from ₹98.64 per litre to ₹99.51, while diesel rates increased from ₹91.58 to ₹92.49 per litre. The revision reflects a continued upward trend in domestic fuel prices despite recent fluctuations in global crude oil markets.
At the Irwin Road Service Station, the price update was clearly visible within hours. At around 1:00 AM on May 23, diesel was priced at ₹91.58 per litre and petrol at ₹98.64. However, by 6:47 AM, diesel had risen to ₹92.49 per litre and petrol to ₹99.51 per litre. Premium fuels also saw a corresponding hike, with XP95 petrol increasing from ₹105.76 to ₹106.63 and XG petrol from ₹96.90 to ₹97.81 per litre.
This latest hike follows a ₹3 per litre increase on May 15 and a further ₹0.90 hike on May 19. In total, fuel prices have risen by nearly ₹5 per litre in less than two weeks, adding to the financial burden on households and businesses alike.
The price surge comes amid geopolitical tensions in West Asia, which often influence global oil supply dynamics. However, in contrast to domestic price hikes, global crude oil benchmarks have shown a downward trend. Brent crude prices have fallen by more than 6 percent this week, reportedly due to optimism surrounding a potential agreement between Iran and the United States.
Despite this decline in crude prices, domestic fuel rates continue to rise, indicating the influence of additional factors such as taxes, currency fluctuations, and supply chain considerations.
Meanwhile, the Ministry of Petroleum and Natural Gas has sought to reassure citizens regarding fuel availability. In a statement posted on X, the ministry said that there is adequate supply of petrol and diesel across the country and urged people to avoid panic buying.
“India has adequate availability of petrol and diesel. Supplies remain stable across the country. Citizens are advised to avoid panic buying and purchase fuel only as per actual requirement,” the ministry said. It also added that temporary pressure at some retail outlets is being managed through continuous monitoring and coordinated distribution by Oil Marketing Companies.
As fuel prices continue to rise, the impact is likely to be felt across sectors, particularly transportation and logistics, which may eventually contribute to higher costs of goods and services.
