Petrol and Diesel Prices Rise for Fourth Time in 10 Days, Latest Hike Steepest

Fuel prices in India were revised upward for the fourth time in ten days on Monday, with petrol and diesel becoming costlier by ₹2.7 to ₹2.8 per litre across all variants and regions nationwide. The cumulative increase across four rounds of revision since May 15 now stands at approximately ₹7.5 per litre for both fuels.

The latest revision also pushed Delhi's petrol price past the ₹100-per-litre threshold -- a mark the capital had last seen four years ago in May 2022, when fuel prices had surged amid the Russia-Ukraine conflict.

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Delhi and Metro City Prices

In Delhi, petrol went up ₹2.61 per litre to ₹102.12 per litre on Monday, while diesel climbed ₹2.71 per litre to ₹95.20 per litre.

Among the four major metros, Kolkata recorded the steepest single-day rise in petrol prices, while Mumbai saw the sharpest jump in diesel. In Kolkata, petrol prices surged ₹2.87 per litre to ₹113.51 per litre, and diesel rose ₹2.80 per litre to ₹99.82 per litre.

In Mumbai, petrol prices climbed ₹2.72 per litre to ₹111.21 per litre, with diesel rising ₹2.81 per litre to ₹97.83 per litre -- the highest diesel increase among the four metros.

Chennai saw a comparatively smaller revision. Petrol there rose ₹2.46 per litre to ₹107.77 per litre, and diesel increased ₹2.57 per litre to ₹99.55 per litre, though absolute price levels remained broadly in line with other cities.

Crude Oil Context

India's state-run oil-marketing companies had held fuel prices steady for roughly three months despite mounting crude oil costs before beginning to pass on the pressure with the first price hike on May 15. That initial revision raised both petrol and diesel prices by ₹3 per litre, followed by two subsequent increases of 90 paise per litre each.

Monday's revision is therefore the first increase exceeding ₹1 per litre since the cycle of hikes began, making it the steepest single-day adjustment in this period.

India's crude oil basket averaged $107.96 per barrel through May 22 this month. However, the global benchmark Brent crude futures for July fell sharply Monday morning -- dropping around 4.8 per cent to $98.59 per barrel -- as signals of a potential Iran-US peace deal pulled prices below the $100-per-barrel level after an extended stretch above it.