Petrol price increased by 87 paise, diesel by 91 paise

The government urged consumers not to engage in panic buying, assuring that supplies of petrol, diesel, LPG and natural gas remained sufficient despite growing geopolitical tensions in the region.

Fuel prices rose again on Tuesday, with petrol becoming costlier by 87 paise per litre and diesel by 91 paise per litre, intensifying pressure on households and businesses already grappling with higher transport and logistical costs amid the prolonged conflict in West Asia.

The latest revision comes just days after the Centre raised petrol and diesel prices by Rs 3 per litre across the country, marking the second increase within a week as state-run oil marketing companies battle mounting losses from soaring global crude prices and disrupted energy supply routes.

The Centre on Monday said it could not predict when the next fuel price revision would take place, even as officials acknowledged that Indian oil firms remained under severe financial stress due to elevated crude oil and liquefied petroleum gas (LPG) costs triggered by the ongoing war in West Asia.

The government also urged consumers not to engage in panic buying, assuring that supplies of petrol, diesel, LPG and natural gas remained sufficient despite growing geopolitical tensions in the region.

Speaking at an inter-ministerial briefing, Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, said the government was closely monitoring the evolving situation but stopped short of indicating whether additional fuel price increases were imminent.

“It has been more than two-and-a-half months since the West Asia crisis began, and the situation in the Strait of Hormuz is still not normal,” Sharma said, adding that Indian refineries continued to operate without disruption and that adequate fuel stocks were available nationwide.

Kolkata witnessed the sharpest rise in petrol prices among the four metros. Petrol there became costlier by 96 paise, taking the retail price to Rs 109.70 per litre. Diesel prices in the city increased by 94 paise to Rs 96.07 per litre.

The rising crude oil prices are putting pressure on India’s foreign exchange reserves, given that India imports 85-90 per cent of its crude oil. The petrol and diesel prices were hiked owing to the financial losses public sector oil marketing companies were having.

Brent crude rose above $110 per barrel after gaining nearly 8% last week, while West Texas Intermediate (WTI) moved close to $107 a barrel.