Fuel Prices Hiked: Petrol Rises To Rs 97.77, Diesel To Rs 90.67 Per Litre Amid Iran War

The government increased the prices of petrol and diesel by around Rs 3 per litre on Friday, in the wake of global supply disruptions amid the US-Iran war.

Petrol became costlier by Rs 3.14 per litre, reaching up to Rs 97.77, while diesel has risen by Rs 3.11 per litre to Rs 90.67.

Here are the revised fuel prices.

Regular Petrol: Rs 94.77 to Rs 97.91 per litre
Premium Petrol: Rs 102–104 to Rs 105.14–107.14 per litre
Regular Diesel: Rs 87.67 to Rs 90.78 per litre

Here is how much one litre of petrol will cost in each state.

Delhi 97.77 (+3.00)

Kolkata 108.74 (+3.29)

Mumbai 106.68 (+3.14)

Chennai 103.67 (+2.83)

HSD (diesel) prices (in Rs per litre):

Delhi 90.67 (+3.00)

Kolkata 95.13 (+3.11)

Mumbai 93.14 (+3.11)

Chennai 95.25 (+2.86).

From Thursday, people

were seen queuing up at petrol pumps in various cities, indulging in panic buying amid rumours of a fuel shortage.

Also Read: Oil Shock Coming? Why A Steep Petrol, Diesel Price Hike Is Beginning To Look Unavoidable

Before the increase in retail fuel prices, the prices of premium petrol were increased by the government in March.

Why Petrol, Diesel Prices Have Been Hiked?

According to the government sources, the oil firms were losing more than Rs1000 crore per day amid the global energy crisis. The finance ministry couldn’t bear the burden of covering the losses of the oil companies, stated the sources.

The fuel price hike comes amid heightened volatility in global crude oil markets following the escalating conflict between the United States and Iran, which has raised concerns over disruptions to oil supply routes in the Middle East.

Also Read: 48 Hours, 3 Big Decisions: Is Fuel Price Hike Next On Centre’s Agenda?

The latest increase also comes amid fears of supply disruptions through the Strait of Hormuz, one of the world’s busiest oil transit chokepoints, after the US-Iran conflict intensified.

Ahead of the revision, panic buying was reported at several petrol pumps across cities from Thursday evening, with consumers rushing to refill tanks amid rumours of an impending shortage and price rise.

In April 2022, state-run oil marketing companies, Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, had frozen daily revisions in petrol and diesel prices to cushion consumers from the global energy shock triggered by the Russia-Ukraine War.