Petrol, diesel prices rise by 87-91 paise per litre; third hike in 10 days

New Delhi, May 23: Petrol and diesel prices were increased once again across the country on Saturday, marking the third fuel price hike within 10 days amid rising global crude oil prices and escalating tensions in West Asia.

State-run oil companies raised petrol prices by 87 paise per litre and diesel prices by 91 paise per litre. In Delhi, petrol now costs Rs 99.51 per litre, up from Rs 98.64, while diesel prices rose from Rs 91.58 to Rs 92.49 per litre.

The latest revision comes shortly after the Ministry of Petroleum and Natural Gas assured the public that fuel supplies remain stable across India despite reports of shortages. The ministry urged citizens not to indulge in panic buying and advised consumers to purchase fuel only as required. It stated that temporary pressure at some outlets was being managed through coordinated supply efforts by oil marketing companies.

Earlier this month, fuel prices were increased by nearly Rs 3 per litre on May 16, followed by another 90-paise hike on May 19. With Saturday’s increase, petrol and diesel prices have risen by almost Rs 5 per litre in a short span.

The repeated hikes are expected to impact commuters, transport operators and businesses, with experts warning that rising transportation and logistics costs could lead to an increase in the prices of essential commodities and food items.

Government officials said the revisions were necessary to balance rising import costs and maintain uninterrupted fuel supplies amid uncertainty in global energy markets.

India imports nearly 85 per cent of its crude oil requirements, making domestic fuel prices highly sensitive to fluctuations in international crude markets. Concerns over possible disruptions in the Strait of Hormuz, a key global oil transit route, have further heightened fears over supply constraints.

Meanwhile, prices of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) have also been revised upward in several cities. In Delhi, CNG prices have gone up by Re 1 per kg and are now being sold at Rs 81.09 per kg at Indraprastha Gas Limited stations.