Here's how much petrol, diesel cost in metros now
What's the story
Oil companies have increased petrol and diesel prices by ₹3 per liter across major metro cities. In Delhi, petrol now costs ₹97.77 per liter (up from ₹94.77) and diesel is priced at ₹90.67 per liter (up from ₹89.67). The new rates came into effect on Friday. In Kolkata, petrol is now priced at ₹108.74 per liter after a ₹3.29 hike, while diesel is priced at ₹95.13 per liter after a ₹3.11 increase.
Regional increases
Petrol prices in Mumbai and Chennai
In Mumbai, petrol prices have gone up by ₹3.14 to ₹106.68 per liter, and diesel now costs ₹93.14 after a hike of ₹3.11. Chennai has also witnessed a steep rise in petrol prices, going up by ₹2.83 to ₹103.67 per liter, and diesel rates rising by ₹2.86 to ₹95.25 per liter.
Market impact
Centre assures no fuel shortage in India
The latest fuel price hike is a fraction of the increase needed to fully compensate for the spike in global energy prices since the West Asia conflict began. The Centre has assured there is no fuel shortage in India and no plans for rationing petrol, diesel, or LPG despite disruptions in global energy shipments due to the Iran conflict and Strait of Hormuz crisis.
Supply assurance
India has about 60 days of fuel stocks
India currently has about 60 days of fuel stocks and around 45 days of LPG stocks, officials said. Oil Secretary Neeraj Mittal assured there is no need to panic over fuel supplies. Retail fuel prices had remained largely unchanged since April 2022, except for a one-time cut ahead of the Lok Sabha elections in March 2024. In April 2022, public-sector fuel retailers suspended daily price revisions to protect domestic consumers from rising international crude oil prices after Russia invaded Ukraine.
Price surge
Conflict in West Asia triggers sharp rally in global crude
The ongoing conflict in West Asia has triggered a sharp rally in global crude oil prices, which have risen by over 50%. India's crude oil basket averaged around $69 per barrel in February before the outbreak of the West Asia war and rose sharply to nearly $113-114 per barrel afterward. India imports almost 90% of its crude oil requirements, making it highly vulnerable to global energy price shocks.
Financial strain
State-owned fuel retailers losing ₹1,000 crore every day
Oil Minister Hardeep Singh Puri said state-owned fuel retailers are losing around ₹1,000 crore every day due to unchanged fuel prices. Cumulative under-recoveries have reached nearly ₹1.98 lakh crore, with losses of about ₹1 lakh crore in just one quarter, potentially wiping out the industry's entire annual earnings. Reserve Bank of India Governor Sanjay Malhotra indicated that if the West Asia conflict continues for long, petrol and diesel prices may eventually need to be increased.