Fuel Prices Increased for Second Time in Five Days

State-owned oil marketing companies on Tuesday again increased the prices of petrol and diesel across the country, adding further burden on consumers.

Petrol price has gone up by 93 paise per litre, taking the rate in Bhubaneswar to ₹105.44 per litre. Diesel price has increased by 96 paise per litre and now costs ₹96.55 per litre.

Similarly, premium petrol prices have risen by 94 paise per litre, reaching ₹114.56 per litre.

This is the second fuel price hike within the last five days.

Earlier Hike After Election Results

The results of elections in four states and one Union Territory were declared on May 3. Following the elections, oil companies had increased petrol and diesel prices by more than ₹3 per litre on May 15.

After the previous hike, petrol prices in Bhubaneswar had reached ₹104.51 per litre, diesel ₹95.99 per litre, and premium petrol ₹113.62 per litre.

With the latest revision, fuel prices have become even more expensive across the country.

Iran-US Conflict Impacts Global Oil Supply

The recent rise in fuel prices has been linked to the ongoing Iran-US conflict and the closure of the Strait of Hormuz, a key route for global crude oil transportation.

Due to disruptions in oil supply from Gulf nations, crude oil prices in the international market have increased sharply.

Rupee Weakening Against Dollar Adds Pressure

Another major reason behind the price hike is the weakening of the Indian rupee against the US dollar. As the rupee continues to lose value, the cost of importing crude oil has increased significantly for Indian oil companies.

The combined impact of rising global crude oil prices and currency depreciation has reportedly increased the financial burden on petroleum companies.

Oil Companies Passing Burden to Consumers

According to market experts, oil companies have started transferring the additional burden to consumers due to mounting losses in petrol and diesel sales.

Analysts also believe that political pressure to avoid fuel price hikes before elections is no longer present, allowing government-owned oil companies to revise fuel prices upward more freely.

Consumers Concerned Over Rising Expenses

The repeated increase in fuel prices is expected to impact transportation costs and prices of essential commodities, adding pressure on household budgets and daily commuters.

Fuel Prices Rise After Nearly Two Years

Petrol and diesel prices were increased across India from 6 AM on Friday amid rising global crude oil prices and supply concerns triggered by the ongoing conflict in West Asia. The latest hike marks the first increase in fuel prices since 2022, adding fresh burden on consumers already dealing with inflation.

The increase has directly impacted daily commuters, transport operators, and small businesses, especially in Delhi-NCR and other urban regions.

Petrol, Diesel Become Costlier

Following the latest revision, petrol prices have increased by ₹3.14 per litre while diesel prices have gone up by ₹3.11 per litre.

In Delhi, the revised fuel prices are:

• Regular Petrol: Increased from ₹94.77 to ₹97.91 per litre
• Premium Petrol: Increased from around ₹102–104 to ₹105.14–107.14 per litre
• Regular Diesel: Increased from ₹87.67 to ₹90.78 per litre

Officials said the new rates came into effect from Friday morning.

West Asia Conflict Impacts Global Fuel Supply

The fuel price hike comes amid concerns over disruptions in global crude oil supply due to escalating tensions and conflict in West Asia. The international market has witnessed sharp fluctuations in crude oil prices over the past few weeks.

Experts believe the rising crude prices, coupled with weakening of the Indian rupee against the US dollar, forced oil marketing companies to revise retail fuel prices.

Oil Dealers Explain Reasons Behind Hike

Delhi Petrol Dealers Association outgoing president Nischal Singhania said the increase was driven by volatility in international crude oil prices and currency fluctuations.

According to him, oil companies informed petrol pump operators about the revised rates through emails late at night, with the new prices becoming effective from 6 AM on Friday.

Common People Likely to Feel Financial Pressure

The fuel price hike is expected to increase transportation costs and impact the prices of essential commodities in the coming days.

Daily commuters, cab drivers, transport operators and small business owners are likely to face the biggest impact as higher fuel costs will directly affect operational expenses.

Economists warn that if crude oil prices continue to rise globally, consumers may face further fuel price increases in the near future.

Concerns Grow Over Inflation and Transport Costs

The latest fuel price revision has triggered concerns about inflationary pressure across sectors. Higher diesel prices, in particular, may increase logistics and freight costs, potentially leading to price rise in vegetables, food items, and other daily-use goods.

Industry experts are closely monitoring the international crude oil market and geopolitical developments in West Asia for further impact on India’s fuel economy.