Fuel Price Hike: Petrol and diesel prices were hiked by oil companies immediately on Friday, May 15, a day after CNG prices in Mumbai were hiked. Fuel prices rose to Rs 3 per litre, pushing rates higher across major metro cities in the country.
Despite the Centre repeatedly giving statements on fuel shortage and confirming that there is no fuel shortage, the price rose. "There is no need to panic. There are sufficient supplies. There is no rationing in place. It's not going to happen,” Oil Secretary Neeraj Mittal said recently at the CII Annual Business Summit.
As per officials, at present the country carries 60 days of fuel stocks and nearly 45 days of LPG stock despite the West Asia crisis.
Petrol and Diesel Price in Metro Cities
| City | Petrol Price (Rs/Litre) | Hike (Rs) |
|---|---|---|
| Delhi | 97.77 | 3.00 |
| Kolkata | 108.74 | 3.29 |
| Mumbai | 106.68 | 3.14 |
| Chennai | 103.67 | 2.83 |
In Mumbai, the petrol prices have risen by Rs 3.14 to Rs 106.68 per litre, while diesel now costs Rs 93.14 per litre following an increase of Rs 3.11. Chennai also saw a sharp rise, with petrol prices increasing by Rs 2.83 to Rs 103.67 per litre and diesel rates increasing by Rs 2.86 to Rs 95.25 per litre.
In some cities, an increase has pushed fuel prices above Rs 100 per litre. The retail price of petrol in Kolkata is at 108.74 per litre after a hike of Rs 3.29 per litre, while diesel increased by Rs 3.11 to Rs 95.13 per litre.
Here's the City-wise Breakup of Petrol Prices
| City | Petrol Price | Increase |
|---|---|---|
| New Delhi | Rs 97.77 | +Rs 3.00 |
| Kolkata | Rs 108.74 | +Rs 3.29 |
| Mumbai | Rs 106.64 | +Rs 3.10 |
| Chennai | Rs 103.90 | +Rs 3.10 |
| Gurgaon | Rs 98.29 | +Rs 2.99 |
| Noida | Rs 98.04 | +Rs 3.30 |
| Bangalore | Rs 106.17 | +Rs 3.21 |
| Bhubaneswar | Rs 104.57 | +Rs 3.60 |
| Chandigarh | Rs 97.27 | +Rs 2.97 |
| Hyderabad | Rs 110.89 | +Rs 3.39 |
| Jaipur | Rs 108.19 | +Rs 3.16 |
| Lucknow | Rs 97.58 | +Rs 2.85 |
| Patna | Rs 108.55 | +Rs 3.01 |
| Thiruvananthapuram | Rs 110.75 | +Rs 3.37 |
Also Read | Global oil shock: Petrol and diesel prices up by Rs 3 per litre, CNG gets costlier by Rs 2.
Here's the City-wise Breakup of Diesel Prices
| City | Diesel Price | Increase |
|---|---|---|
| New Delhi | Rs 90.67 | +Rs 3.00 |
| Kolkata | Rs 95.13 | +Rs 3.11 |
| Mumbai | Rs 93.14 | +Rs 3.11 |
| Chennai | Rs 95.47 | +Rs 3.08 |
| Gurgaon | Rs 90.77 | +Rs 3.00 |
| Noida | Rs 91.31 | +Rs 3.50 |
| Bangalore | Rs 94.10 | +Rs 3.11 |
| Bhubaneswar | Rs 96.11 | +Rs 3.56 |
| Chandigarh | Rs 85.25 | +Rs 2.80 |
| Hyderabad | Rs 98.96 | +Rs 3.26 |
| Jaipur | Rs 93.43 | +Rs 2.94 |
| Lucknow | Rs 90.87 | +Rs 3.01 |
| Patna | Rs 94.63 | +Rs 2.85 |
| Thiruvananthapuram | Rs 99.63 | +Rs 3.37 |
The Indian government so far has maintained the prices of fuel and chosen instead to take the pressure from state-run oil marketing companies (OMCs), tax adjustments and supply management measures. India imports nearly 90% of its crude oil requirement.
Earlier this week, Union and Oil Minister Hardeep Singh Puri stated that the country currently has sufficient fuel reserves to avoid any immediate supply disruption despite disturbances in global energy trade routes, noting that the country holds enough stocks to last around two months.
"For nearly last three years, the world has been witnessing wars and multiple crises in different countries. Despite all this, Prime Minister Narendra Modi ensured that the impact did not severely affect us, only the price of gas increased. Everyone knew that prices would eventually rise, but the increase was kept to the bare minimum. Oil companies are running at heavy losses and have suffered losses worth thousands of crores. However, there is a limit to how much burden they can bear, so only the minimum necessary hike was made," West Bengal Minister Dilip Ghosh said.