Petrol and diesel prices were raised by up to 91 paise per litre on Saturday, marking the third hike in less than 10 days as state-owned oil marketing companies continued to pass on higher global energy costs triggered by the ongoing West Asia conflict.

Petrol & diesel rates in Delhi 

In Delhi, petrol prices increased by 87 paise to ₹99.51 per litre from ₹98.64 while diesel rates rose by 91 paise to ₹92.49 per litre from ₹91.58. 

The latest revision follows a ₹3 per litre hike announced on May 15 and another increase of around 90 paise per litre on May 19. With the latest revision, fuel prices have risen by nearly ₹5 per litre in total over the past 10 days. 

Earlier this week, petrol and diesel prices had also been raised by 87 paise and 91 paise per litre, respectively. 

Global crude oil prices remain elevated

The move underscores the mounting financial pressure on Oil Marketing Companies (OMCs) as global crude oil prices remain elevated due to geopolitical tensions in West Asia and supply concerns around the Strait of Hormuz.  

The May 15 increase marked the first major hike in petrol and diesel prices since April 2022, when OMCs had raised rates by about ₹10 per litre amid soaring crude oil prices following Russia’s invasion of Ukraine. 

Since then, state-run fuel retailers, including Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd had largely frozen daily price revisions to shield consumers from volatility in international crude oil markets. 

Last week, Prime Minister Narendra Modi urged citizens and government departments to conserve fuel, promote remote working and avoid non-essential travel as elevated energy prices put pressure on foreign exchange reserves and risk widening the current account deficit.

India imports nearly 85% of its crude oil requirements, making domestic fuel prices highly sensitive to fluctuations in global energy markets. 

CNG prices were raised by ₹1 per kg

Compressed Natural Gas (CNG) prices were raised by ₹1 per kg on Saturday, marking the third increase in less than 10 days as elevated global energy prices continued to drive up domestic fuel costs.

The latest hike comes after a ₹2 per kg increase announced on May 15 and another ₹1 per kg hike on May 17. With the fresh revision, CNG prices in Delhi have crossed the ₹80-per-kg mark for the first time.

Following the latest revision, CNG prices in Delhi have risen to ₹81.09 per kg. In Noida, Greater Noida and Ghaziabad, CNG will now cost ₹89.70 per kg, while prices in Gurugram have increased to ₹86.12 per kg.