Fuel prices have increased sharply across the country.
State-run oil companies raised petrol and diesel prices by up to ₹3 per litre on Friday due to rising global crude oil prices.
The new rates came into effect immediately, increasing the burden on common people already dealing with rising inflation.
Along with petrol and diesel, CNG and LNG prices have also become more expensive in several cities.
Petrol Prices Rise in Delhi, Mumbai, Kolkata and Chennai
Among the four metro cities, Kolkata saw the biggest increase in petrol prices.
Latest Petrol Prices in Metro Cities
Delhi: ₹97.77 per litre (+₹3)
Kolkata: ₹108.74 per litre (+₹3.29)
Mumbai: ₹106.68 per litre (+₹3.14)
Chennai: ₹103.67 per litre (+₹2.83)
The price hike comes as oil companies try to manage the impact of higher international crude oil costs.
Diesel Prices Also Increased
Diesel prices were revised upward across all metro cities as well.
New Diesel Prices
Delhi: ₹90.67 per litre (+₹3)
Kolkata: ₹95.13 per litre (+₹3.11)
Mumbai: ₹93.14 per litre (+₹3.11)
Chennai: ₹95.25 per litre (+₹2.86)
This increase is likely to affect transportation costs, which may also impact prices of daily-use goods in the coming weeks.
CNG and LNG Become More Expensive
Apart from petrol and diesel, gas-based fuels have also become costlier.
In Delhi, CNG prices increased by ₹2 per kg and now cost ₹79.09 per kg.
In Mumbai Metropolitan Region (MMR), CNG prices were also increased by ₹2 and now stand at ₹84 per kg.
LNG prices have also been raised by ₹2 per kg.
Why Are Fuel Prices Rising?
Fuel prices are increasing mainly because global crude oil prices have remained very high.
Brent crude oil prices have stayed around or above $100 per barrel due to ongoing tensions involving the US, Israel, and Iran.
Concerns over instability in the Strait of Hormuz have also added pressure to the global oil market.
Fuel Inflation Jumps Sharply
Government data released recently showed a sharp increase in fuel inflation during April.
Fuel Inflation Data
Petrol inflation jumped to 32.4%
Diesel inflation rose to 25.19%
The increase was mainly driven by higher prices of:
Crude oil
Natural gas
Petrol and diesel
LPG
Oil Companies Under Pressure
Earlier this year, oil marketing companies had already increased prices of premium fuels due to rising international crude oil costs.
Major state-run companies including:
Indian Oil Corporation (IOC)
Bharat Petroleum Corporation (BPCL)
Hindustan Petroleum Corporation (HPCL)
have been facing pressure because of expensive crude oil imports and global market uncertainty.
