Petrol and diesel prices were increased again on Saturday, marking the third hike in less than 10 days, as global crude oil prices continue to remain volatile amid the ongoing conflict in West Asia.
State-run oil marketing companies raised fuel prices by up to 91 paise per litre across major cities. The latest revision comes just three days after a hike of around 90 paise per litre announced on Tuesday.
Earlier last week, oil companies had increased fuel prices by ₹3 per litre — the first major revision in nearly four years.
Following the latest hike, petrol prices in Delhi rose by 87 paise, from ₹98.64 to ₹99.51 per litre, while diesel prices increased by 91 paise, from ₹91.58 to ₹92.49 per litre.
The conflict in West Asia has driven international crude oil prices sharply higher, with prices rising by more than 50 per cent in recent months. India’s crude oil import basket averaged around USD 69 per barrel in February, before the conflict began. In the months that followed, prices surged to an average of USD 113–114 per barrel.
Despite the steep rise in global crude prices, state-owned oil companies had kept retail fuel prices unchanged for nearly 11 weeks. However, reports suggest the companies eventually passed on part of the increased burden to consumers after prolonged losses made continued price stability financially unsustainable.
Bharat Petroleum (BPCL) said last week that it continues to incur a revenue loss of 25 to 30 rupees per litre on diesel and 10 to 14 rupees per litre on petrol despite the higher prices. BPCL, Indian Oil Corp and Hindustan Petroleum together control more than 90 per cent of a network of 103,000 fuel stations.
