New Delhi: In a major revision triggered by the ongoing Iran war and rising pressure on international oil markets, the Centre on Friday announced an increase in retail prices of petrol and diesel across the country’s four major metro cities. This marks the first fuel price hike for retail consumers in nearly four years.
The revised rates came into effect from May 15, with petrol prices witnessing an increase of up to Rs 3.29 per litre, while diesel rates have also been raised by over Rs 3 in several cities. Alongside this, compressed natural gas (CNG) prices have been increased by Rs 2 per kilogram in key urban centres.
According to the latest revision, petrol in Delhi will now cost Rs 97.77 per litre, up by Rs 3. Kolkata recorded the highest increase, with the price touching Rs 108.74 after a Rs 3.29 hike. In Mumbai, petrol now stands at Rs 106.68 following a Rs 3.14 rise, while Chennai consumers will pay Rs 103.67 after an increase of Rs 2.83.
Diesel prices have also seen a similar jump. In Delhi, the fuel will now retail at Rs 90.67 per litre. Kolkata’s diesel price has climbed to Rs 95.13, while Mumbai and Chennai will now see diesel sold at Rs 93.14 and Rs 95.25 per litre respectively.
CNG users have not been spared either. In Delhi, the revised rate is now Rs 79.09 per kg, up from Rs 77.09. A similar Rs 2 hike was implemented in Mumbai a day earlier, taking the price across the Mumbai Metropolitan Region to Rs 84 per kg.
The decision follows growing instability in West Asia, particularly the escalating conflict involving Iran, which has intensified fears of disruptions in crude supply routes and pushed global oil prices upward.
Amid the rising fuel costs, Prime Minister Narendra Modi recently appealed to citizens to use fuel responsibly. He urged people to minimise unnecessary travel, make greater use of public transport, and adopt work-from-home arrangements wherever feasible to reduce pressure on national fuel demand.
Economists warn that if geopolitical tensions continue, further upward revisions in fuel rates could impact transportation costs and lead to inflationary pressure across sectors.
