India witnessed another rise in fuel prices on Tuesday as petrol and diesel rates were increased by around 90 paise per litre, marking the second hike in less than a week after state-run oil companies ended a nearly four-year freeze on price revisions.
Following the latest revision, petrol prices in New Delhi climbed to Rs 98.64 per litre from Rs 97.77, while diesel prices increased to Rs 91.58 per litre from Rs 90.67.
The latest increase comes shortly after a Rs 3 per litre hike announced on Friday — the first major fuel price revision in over four years. The rise was triggered by mounting pressure from surging global crude oil prices amid escalating geopolitical tensions in the Middle East.
Crude prices have reportedly jumped over 50 percent since late February following military tensions involving Iran and retaliatory actions that disrupted supply concerns around the Strait of Hormuz, one of the world’s most crucial oil transit routes.
Fuel retailers had previously maintained stable retail prices despite increasing global costs, aiming to protect consumers from rising energy prices. However, oil companies continued facing significant financial pressure.
According to the Ministry of Petroleum and Natural Gas, oil marketing companies were still facing losses of nearly Rs 750 crore per day even after the previous hike. Officials stated that earlier price revisions had recovered only a portion of the losses.
Adding to consumer concerns, compressed natural gas (CNG) prices have also seen recent increases, with rates being raised twice in major cities including Delhi and Mumbai.
With the latest revision, petrol and diesel prices have reached their highest levels since May 2022, potentially impacting transportation costs and household expenses across the country.
