Residents of Delhi woke up to a sharp rise in fuel prices on Friday with petrol and diesel prices increasing $3 per liter amid growing concerns about the global oil crisis resulting from the ongoing conflict in West Asia.
The latest amendment ends a nearly four-year-long freeze on fuel price hikes across India. This increase, which applies to all types of gasoline and diesel including regular and premium fuel, comes at a time when companies are suffering from rising input costs and growing concerns about supply disruptions in the global oil market.
New fuel prices in Delhi
After the latest review, the cost of petrol in Delhi will now be fixed $97.77 per liter, up from $94.77 while diesel prices rose from $87.67 L $90.67 per litre. Both types of fuel are becoming more expensive $3 per liter as of May 15.
The hike ends an almost four-year freeze on fuel price reviews that has been in place since April 2022. The only major change during this period came in March 2024, when petrol and diesel prices were cut by $2 per liter before the Lok Sabha elections.
Read also: $3 pounds per liter, days after Prime Minister Modi called for fuel savingIncreased prices of petrol and diesel $3 pounds per liter, days after Prime Minister Modi called for fuel saving
PM Modi urges people to save fuel
The fuel price hike comes just days after Prime Minister Narendra Modi urged citizens to reduce petrol and diesel consumption amid the ongoing oil crisis linked to the US-Iran conflict.
In his appeal, the Prime Minister encouraged people to use public transport, prefer metro travel, avoid unnecessary trips, and adopt work from home wherever possible to help reduce fuel demand and ease pressure on power supply.
India imports more than 85% of its crude oil needs, which means that any rise in global oil prices directly affects the country. Concerns have also increased over the Strait of Hormuz, an important route for transporting crude oil, due to the ongoing conflict in West Asia.
