New Delhi, May 19: State-run oil marketing companies have once again increased petrol and diesel prices, marking the second hike in less than a week as global crude oil rates continue to climb.
In the latest revision, petrol has become costlier by 86 paise per litre, while diesel prices have gone up by 83 paise per litre. In the national capital, petrol is now priced at ₹98.64 per litre and diesel at ₹91.58 per litre.
This comes just days after a sharper hike of around ₹3 per litre was implemented on May 15, the first major increase in over four years. The successive revisions have pushed fuel prices to their highest levels since May 2022, adding pressure on household budgets.
Industry officials attribute the surge to rising global crude oil prices, which have jumped significantly amid geopolitical tensions in West Asia, particularly concerns surrounding Iran. Disruptions in key shipping routes, including the Strait of Hormuz, have further tightened global supply.
Alongside fuel, compressed natural gas (CNG) prices have also been revised upward in recent weeks. Leading city gas distributor Indraprastha Gas Limited (IGL) recently increased CNG prices by ₹1 per kg, following another hike earlier this month.
With global crude prices rising sharply over the past few months, concerns are also mounting over the financial performance of state-run oil marketing companies, which are expected to face significant pressure on margins in the near term.
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