Petrol, diesel prices rise again as West Asia conflict triggers third fuel hike in 10 days

Petrol and diesel prices were increased again across major Indian cities on Saturday, marking the third hike in less than 10 days and pushing petrol rates in Delhi close to the Rs 100-per-litre mark.

The fresh revision comes amid mounting pressure on global oil markets following the ongoing conflict in West Asia and disruptions around the Strait of Hormuz, a crucial maritime route for global energy supplies. The repeated increases have begun to impact fuel prices sharply across Indian metros even as the Centre maintains that there is no shortage of energy supplies in the country.

Advertisement

In Delhi, petrol prices rose by 87 paise to Rs 99.51 per litre, while diesel prices increased by 91 paise to Rs 92.49 per litre.

Mumbai recorded petrol prices at Rs 108.49 per litre after a 90-paise hike, while diesel prices climbed by 94 paise to Rs 95.02 per litre.

Kolkata saw one of the sharpest increases, with petrol prices rising by 94 paise to Rs 110.64 per litre and diesel rates going up by 95 paise to Rs 97.02 per litre.

In Chennai, petrol prices increased by 82 paise to Rs 105.31 per litre, while diesel prices rose by 87 paise to Rs 96.98 per litre.

Petrol and diesel prices in metro cities on May 23

Petrol prices

Delhi: ₹99.51 (+₹0.87)
Kolkata: ₹110.64 (+₹0.94)
Mumbai: ₹108.49 (+₹0.90)
Chennai: ₹105.31 (+₹0.82)

Diesel prices

Delhi: ₹92.49 (+₹0.91)
Kolkata: ₹97.02 (+₹0.95)
Mumbai: ₹95.02 (+₹0.94)
Chennai: ₹96.98 (+₹0.87)

Third revision in less than 10 days

The latest increase follows a similar revision earlier this week, when fuel prices were raised across major cities on Tuesday.

At the time, petrol prices in Delhi had climbed from Rs 97.77 to Rs 98.64 per litre, while diesel prices increased from Rs 90.67 to Rs 91.58 per litre.

Fuel prices in Mumbai, Chennai, Kolkata and Jaipur had also witnessed notable increases during the earlier revision.

Earlier this month, the Centre had raised petrol and diesel prices by Rs 3 per litre across the country on May 15.

West Asia conflict continues to pressure oil markets

The fuel price hikes come as global energy markets remain volatile due to the continuing conflict involving Iran, Israel and the United States.

According to reports, disruptions and blockades around the Strait of Hormuz have intensified concerns over global crude supply chains, pushing Brent crude prices above the USD 100-per-barrel mark in recent weeks.

The situation has triggered calls for fuel conservation globally as uncertainty continues over a long-term ceasefire in the region.

Even as prices continue to climb, the Centre has maintained that India has sufficient fuel stocks and there is no immediate risk of supply disruption.