New Delhi, May 23 : Petrol and diesel prices were hiked by 87 paise and 91 paise per litre respectively on Saturday, the third increase in retail rates in less than 10 days, officials said.
In the national capital, petrol price rose from Rs 98.64 to Rs 99.51 per litre, while diesel increased from Rs 91.58 to Rs 92.49, according to a price notification from state-owned oil marketing companies.
The revision follows a Rs 3 per litre hike on May 15 and a 90 paise increase on May 19. The three hikes together have pushed up fuel prices by nearly Rs 5 per litre, officials added.
State-owned Indian Oil, Bharat Petroleum and Hindustan Petroleum had paused rate revisions for nearly four months before May 15. The calibrated increases are aimed at passing on higher international energy costs arising from geopolitical tensions in West Asia, officials told KNS.
Crude oil prices have remained volatile amid supply concerns and production cuts by OPEC+ nations, they said.
The latest price adjustment also comes at a time of rising seasonal fuel demand ahead of wheat harvesting and paddy sowing in several states, officials added.
Prime Minister Narendra Modi recently urged citizens to reduce fuel consumption by using public transport more frequently and opting for work-from-home arrangements to help curb India’s oil import bill and ease pressure on foreign exchange reserves.
Petrol and diesel prices vary across states due to differences in local taxes and levies.
