Petrol, diesel prices hiked for third time in 10 days amid global oil pressure
New Delhi, May 23
Petrol and diesel prices were increased once again across India on Saturday, marking the third revision in retail fuel rates in just 10 days.
Petrol became costlier by Rs 0.87 per litre, while diesel prices were raised by Rs 0.91 per litre by state-owned oil marketing companies. The latest hike comes amid sustained pressure from rising global crude oil prices and ongoing geopolitical tensions in West Asia, which continue to impact international energy markets.
In the national Capital, Delhi, petrol prices increased from Rs 98.64 to Rs 99.51 per litre, while diesel rose from Rs 91.58 to Rs 92.49 per litre. The uniform revision reflects a broader nationwide adjustment in fuel prices, affecting multiple cities nationwide.
In Kolkata, petrol is now priced at Rs 110.64 per litre, while diesel has reached Rs 97.02 per litre after the latest hike.
In Mumbai, petrol has climbed to Rs 108.49 per litre and diesel to Rs 95.02 per litre.
The repeated increases have added to concerns among daily commuters, transport operators and businesses, who are already dealing with rising operational costs.
The price revision comes a day after the Ministry of Petroleum and Natural Gas reassured the public that India has adequate petrol and diesel supplies.
In its statement, the ministry said that fuel availability across the country remains stable and urged citizens to avoid panic buying or unnecessary crowding at fuel stations.
It added that any temporary pressure at select retail outlets is being addressed through continuous monitoring and coordinated distribution efforts by oil marketing companies.
The ministry further emphasised that responsible consumption and public cooperation are essential to ensure smooth fuel availability during the ongoing period of high demand and global uncertainty. Authorities also reiterated that supply systems are being closely monitored to prevent any disruption in distribution.
Earlier, on May 16, fuel prices had witnessed a sharper upward revision, with petrol and diesel rates rising by around Rs 3 per litre in several cities following adjustments by state-run oil companies.
Experts have warned that continued increases in fuel prices may have a cascading effect on the economy, potentially raising transportation and logistics costs, which could further lead to inflationary pressure on essential goods and services.
Government officials, however, maintain that the revisions are necessary to offset rising import costs and ensure stability in fuel supplies amid volatile global crude oil markets and ongoing geopolitical tensions.
— IANS
Reader Comments
I support the government's stance on this. Global crude prices are beyond our control, and these revisions are necessary to keep the OMCs afloat. Better to have stable supply than shortages. But please, reduce excise duty to soften the blow for common people. 🙏
उफ! दिल का दौरा पड़ने वाला है। मुंबई में पेट्रोल 108.49 रुपए प्रति लीटर! हम मिडिल क्लास वालों का बजट कैसे बचेगा? सरकार हर बार वैश्विक दबाव का बहाना बनाती है, लेकिन हमारी मजबूरी को कौन समझता है? 🥺
I run a small transport business. This third hike in 10 days means my costs just went up by almost 3 rupees per litre. Eventually, it's the customer who will pay more for goods. The cascading effect on inflation is real. Need better medium-term planning from the government beyond just daily revision.
😂 Government says don't panic buy, but when you see prices rising every few days, what else can we do? I filled up my scooter just in case. Honest question: Why can't India aggressively push electric vehicles and renewable energy to reduce this dependency on imported oil?
R Rekha R