New Delhi: Fuel prices across the country have been increased by ₹3.04 per litre, with petrol now costing Rs 97.77 per litre and diesel priced at Rs 90.67 per litre.
The hike comes shortly after Prime Minister Narendra Modi appealed to the public to focus on reducing fuel consumption and adopting energy-saving measures.
Officials said the revised rates came into effect immediately, leading to a fresh burden on commuters and transport operators already grappling with rising living costs.
Prices had remained on freeze since April 2022, barring a one-off reduction of Rs 2 per litre each on petrol and diesel in March 2024 just before the Lok Sabha elections.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had abandoned the daily price revision in April 2022 to insulate domestic consumers from a steep price increase that was warranted because of international oil prices shooting through the roof post Russia’s invasion of Ukraine.
But the war in West Asia has again sent international oil prices soaring by over 50 per cent, sources said.
The basket of crude oil that India imports averaged USD 69 per barrel in February before the West Asia conflict broke out. It averaged USD 113-114 per barrel in subsequent month.
The increase in fuel prices is expected to impact transportation charges and prices of essential commodities in the coming days. Economists believe the hike may also contribute to inflationary pressure in the market.
Meanwhile, opposition parties have criticised the government over the increase, alleging that common people are being affected by repeated hikes in fuel prices.
