Fuel prices across India were increased sharply on Friday as the Centre approved a ₹3 per litre hike in petrol and diesel prices amid soaring global crude oil rates triggered by the ongoing Iran war.
The latest revision marks the first major retail fuel price hike for consumers in nearly four years.
Under the revised rates:
- Petrol in New Delhi rose to ₹97.77 per litre,
- Mumbai to ₹106.68,
- Kolkata to ₹108.74,
- and Chennai to ₹103.67 per litre.
Diesel prices were also increased:
- Delhi: ₹90.67/litre
- Mumbai: ₹93.14/litre
- Kolkata: ₹95.13/litre
- Chennai: ₹95.25/litre
Meanwhile, CNG prices were raised by ₹2 per kg in both Delhi and Mumbai. In Delhi, CNG now costs ₹79.09/kg, while prices across the Mumbai Metropolitan Region increased to ₹84/kg.
The move comes as global crude oil prices surged following escalating geopolitical tensions involving Iran, Israel and the United States. Brent crude has remained above USD 100 per barrel in recent weeks after supply concerns intensified around the Strait of Hormuz, a critical oil transit route.
According to reports, state-run oil marketing companies — Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited — were incurring losses of nearly ₹1,600 crore per day due to elevated crude procurement costs and delayed retail price revisions.
India’s imported crude basket reportedly averaged around USD 69 per barrel before the West Asia conflict escalated in February, but later climbed to nearly USD 113–114 per barrel amid the prolonged geopolitical crisis.
Earlier, Prime Minister Narendra Modi urged citizens to conserve fuel by adopting work-from-home practices, public transport, carpooling, and electric vehicles to reduce fuel dependence and limit pressure on India’s foreign exchange reserves.
