State fuel retailers on Saturday raised petrol prices by 87 paise and diesel by 91 paise. The recent rise is pushing petrol prices in Delhi higher $99.51 per liter while diesel will cost $HT was found to be 92.49 per litre.
Check prices by city:
Retail petrol and diesel prices across the four major metros for May 23:
| subway | gasoline ( $/liter) | diesel ( $/liter) |
| Delhi | 99.51 (+0.87) | 92.49 (+0.91) |
| Kolkata | 110.64 (+0.94) | 97.02 (+0.95) |
| Mumbai | 108.49 (+0.90) | 95.02 (+0.94) |
| Chennai | 105.31 (+0.82) | 96.98 (+0.87) |
Why did rates rise?
This is the third increase this month as the center moves to compensate for the losses resulting from the rise in crude oil prices amid the US war on Iran. This increase comes as global crude oil prices continue to rise due to tensions in West Asia and concerns about supply disruptions after Iran closed the Strait of Hormuz in the wake of the US-Israeli strikes.
India, which imports more than 88% of its crude oil needs, remains highly vulnerable to geopolitical turmoil and currency fluctuations. The rupee has fallen by about 6% against the US dollar since the beginning of the year. The current exchange rate is $95.6 per dollar.
$5 more per week
Prices were raised for the first time ever $3 per liter on May 15, followed by an increase of about 90 paise on May 19. With Saturday’s revision, fuel prices have now increased by about 90 paise. $5 per liter in just over a week.
The three state-run oil marketing companies – Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd – had earlier reported daily revenue losses of nearly $1,000 crore on sale of petrol, diesel and cooking gas due to rise in global crude prices.
Industry executives said the latest increase may reduce some pressure on retailers, but oil marketing companies are expected to incur losses of $1.6 million. $9-12 per liter on fuel sales. Analysts expect further price increases if global crude oil prices remain high.
