Petrol and diesel prices witnessed a fresh spike on Friday as oil marketing companies raised rates by Rs 3 per litre. The revision comes in response to rising global energy prices which prompted companies to partially transfer the burden to consumers.
Following the latest adjustment, petrol in the national capital now stands at Rs 97.77 per litre. Diesel prices have also moved up, reaching Rs 90.67 per litre. The surge signals growing pressure on retail fuel markets amid international crude volatility due to West Asia tensions.
Revised rates in key metros
Consumers across the four major metro cities are also feeling the pinch. Petrol prices now range from Rs 103.67 in Chennai to Rs 108.74 in Kolkata. Diesel rates have crossed Rs 95 in some cities.
Petrol prices per litre
- Delhi: Rs 97.77 (+3.00)
- Kolkata: Rs 108.74 (+3.29)
- Mumbai: Rs 106.68 (+3.14)
- Chennai: Rs 103.67 (+2.83)
Diesel prices per litre
- Delhi: Rs 90.67 (+3.00)
- Kolkata: Rs 95.13 (+3.11)
- Mumbai: Rs 93.14 (+3.11)
- Chennai: Rs 95.25 (+2.86)
Panic buying and global turbulence
Even before the price revision, reports of an impending fuel hike had caused long queues at filling stations in multiple states. With the conflict in West Asia intensifying and crude prices rising rapidly, market anxiety surged among both suppliers and consumers. India had managed to avoid major retail price hikes for months, but the current global conditions have made it difficult to hold prices steady.
Why the spike was unavoidable
It is to be noted here that India relies heavily on imported crude oil, which makes retail petrol and diesel prices vulnerable to fluctuations in global markets, shipping disruptions and refining expenses. The instability across major oil routes, especially around the Persian Gulf, has intensified fears of supply constraints. Mounting losses for oil marketing companies eventually forced an upward revision of fuel prices amid growing strain on energy supply chains.
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