CHENNAI: The Centre on Friday (May 15) increased petrol and diesel prices by around Rs 3 per litre, marking the first major fuel price hike in four years. The move is primarily driven by a sustained surge in global crude oil prices and tightening energy supplies following the prolonged conflict in West Asia.
Following this, petrol prices in Chennai have gone up by Rs 3.10 per litre and diesel by Rs 3.08 per litre. Now, one litre of petrol costs Rs 103.67, while diesel is priced at Rs 95.25 per litre in the city.
Earlier, petrol was being sold at Rs 100.80 per litre and diesel at Rs 92.39 per litre in Chennai.
The price of CNG has also been raised by Rs 2 in Delhi and Mumbai on Friday, according to reports.
Global crude oil prices surged past 120 USD per barrel before easing to around 100-105 USD amid major disruptions in the Strait of Hormuz caused by the escalating US-Israel conflict with Iran. Hormuz is a key route through which nearly a fifth of the world’s oil and gas supplies transit.
India, one of the few major economies that had so far avoided a fuel price revision, has now increased retail petrol and diesel prices by around Rs 3 per litre each.
This is the first fuel price revision since rates were cut by Rs 2 per litre in March 2024 ahead of the Lok Sabha elections. Prior to that, prices had remained unchanged since April 2022, when daily revisions were suspended following a spike in crude oil prices after Russia invaded Ukraine.
On May 12, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri had said India ensured stable fuel prices and uninterrupted energy supplies despite global disruptions and rising crude oil prices, while significantly boosting domestic LPG production to meet growing demand.
Earlier, Prime Minister Narendra Modi had called for austerity measures similar to Covid-19 pandemic times. He said that Indians should reduce petrol and diesel consumption through carpooling, greater use of public transport, work-from-home arrangements and online meetings wherever possible.
The increase varies across cities due to differences in local taxes.
Delhi: Petrol now costs Rs 97.77 per litre after a Rs 3 hike, while diesel prices have risen by Rs 3 to Rs 90.67 per litre.
Kolkata: Petrol prices increased by Rs 3.29 to Rs 108.74 per litre, while diesel went up by Rs 3.11 to Rs 95.13 per litre.
Mumbai: Petrol now retails at Rs 106.68 per litre following a Rs 3.14 increase, while diesel prices rose by Rs 3.11 to Rs 93.14 per litre.
Chennai: Petrol prices climbed by Rs 2.83 to Rs 103.67 per litre, while diesel rates increased by Rs 2.86 to Rs 95.25 per litre.