India hikes petrol and diesel prices by Rs3
Petrol price was hiked to Rs97.77 per litre from Rs94.77 and diesel rate hiked to Rs90.67 per litre from Rs87.67 according to industry sources.
India hiked petrol and diesel prices by Rs3 per litre after state-owned oil firms ended a four-year hiatus in rate revision today (15 May).
Petrol price was hiked to Rs97.77 per litre from Rs94.77 and diesel rate hiked to Rs90.67 per litre from Rs87.67 according to industry sources.
The increase is one tenth of the hike needed to account for the surge in global energy rates since the start of the Middle East war.
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State-owned oil firms had kept fuel prices unchanged for eleven weeks despite a surge in input cost but passed on part of the increase once operations became financially unsustainable, the Indian media report said citing sources.
The prices have remained on freeze since April 2022, but had a one-off reduction of Rs2 a litre each on petrol and diesel in March 2024 just before the Lok Sabha elections.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had stopped the daily price revision in April 2022 to insulate domestic consumers from a steep price increase even though international oil prices shot up following Russia's invasion of Ukraine.
The war in the Middle East has again sent international oil prices soaring by over 50%.
The basket of crude oil India imports averaged $69 per barrel in February before the war in the Middle East broke out. It averaged $113-114 per barrel in subsequent months.
