Fuel prices were raised again on Monday, with petrol becoming costlier by Rs 2.61 per litre and diesel by Rs 2.71 per litre, marking the fourth hike in less than two weeks. The latest increase is expected to add further pressure on household budgets and transportation costs, as consumers continue to grapple with rising fuel expenses amid fluctuations in global energy markets.Following the latest revision, cumulative increases in petrol and diesel prices have neared Rs 7.5 per litre since fuel price adjustments resumed on May 15 after an extended freeze. In Delhi, petrol prices rose by Rs 2.61 per litre to Rs 102.12 from Rs 99.51, while diesel rates increased by Rs 2.71 to Rs 95.20 per litre from Rs 92.49, according to industry sources.The repeated hikes come against the backdrop of elevated global crude oil prices and a weakening rupee, both of which have raised import costs for oil marketing companies. Retail prices had remained largely unchanged for almost four years before the recent revisions began earlier this month.Also read: EV registrations likely to rise amid fuel price hike & austerity measuresPetrol and diesel prices were first raised on May 15 by Rs 3 per litre each. This was followed by another increase on May 19, when rates went up by 90 paise per litre. On May 23, petrol prices were increased by 87 paise per litre while diesel rates rose by 91 paise.Following Monday’s increase, petrol at public sector fuel stations in Mumbai is now priced at Rs 111.21 per litre, while diesel costs Rs 97.83. In Kolkata, petrol is retailing at Rs 113.51 per litre and diesel at Rs 99.82. Chennai has petrol prices at Rs 107.77 per litre, while diesel is being sold at Rs 99.55.Fuel prices continue to differ from state to state because of variations in local taxes.State-run fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together account for around 90 per cent of India’s fuel retail market.The repeated upward revisions in pump prices follow a sharp rise in global crude oil prices, which have climbed more than 50% since late February. The surge came after US-Israeli strikes on Iran and disruptions in shipments through the Strait of Hormuz, a key route for global oil supplies.Despite rising input costs during the first two-and-a-half months of the conflict, fuel retailers had kept retail prices unchanged, intended to protect consumers from inflationary pressure.Private fuel retailers also revised their prices alongside state-owned companies. Every time public sector firms raised rates, companies such as Nayara Energy followed with similar hikes in petrol and diesel prices.These revisions were in addition to earlier increases implemented by private retailers before the first PSU-led hike on May 15. Nayara Energy had increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre in March. Shell, meanwhile, raised petrol prices by Rs 7.41 per litre and diesel prices by up to Rs 25 per litre from April 1.Also read: Petrol, diesel prices hiked third time, sees increase by around 90 paise — check rates in your cityJio-BP, the fuel retail venture between Reliance Industries Ltd and BP Plc, aligned its pump prices with those of public sector retailers.With the latest revisions, petrol and diesel prices have reached their highest levels since May 2022.
