Petrol, Diesel Prices Hiked by Rs 3 Per Litre; First Major Increase Since 2022

Petrol and diesel prices were raised by Rs 3 per litre each on Friday, May 15, as oil marketing companies passed on part of the sharp rise in global energy prices to consumers, according to media reports.

The price hike comes at a time when oil marketing companies are expected to face losses of around Rs 1 lakh crore to Rs 1.2 lakh crore in the first quarter of FY27, amid rising pressure from the ongoing Middle East conflict.

Petroleum Minister Hardeep Singh Puri had said on Tuesday that public sector oil marketing companies may not be able to sustain daily losses of Rs 1,000 crore from selling petrol and diesel below market prices. RBI Governor also said, “If this is to continue for longer period of time, it is just a matter of time before the government will pass on some of the price increases,” at a conference hosted by the Swiss National Bank and the International Monetary Fund in Switzerland on Tuesday.

The latest revision marks the first major hike in petrol and diesel prices since April 2022, when oil marketing companies had raised fuel prices by Rs 10 per litre. Between late March and early April 2022, fuel prices were increased 14 times in 16 days.

After the latest hike, petrol in Delhi will cost Rs 97.77 per litre, while diesel will be priced at Rs 90.67 per litre. In Mumbai, petrol will cost Rs 106.68 per litre, while diesel will be priced at Rs 93.14 per litre.

Effective from today, here are the revised retail selling prices of petrol and diesel across four metro cities:

Petrol Prices Per Litre

Delhi: Rs 97.77 (+ Rs 3.00)
Kolkata: Rs 108.74 (+ Rs 3.29)
Mumbai: Rs 106.68 (+ Rs 3.14)
Chennai: Rs 103.67 (+ Rs 2.83)

Diesel Prices Per Litre

Delhi: Rs 90.67 (+ Rs 3.00)
Kolkata: Rs 95.13 (+ Rs 3.11)
Mumbai: Rs 93.14 (+ Rs 3.11)
Chennai: Rs 95.25 (+ Rs 2.86)

Disclaimer: This article is for informational purposes only and not investment advice.