Petrol and diesel prices rose again Saturday by nearly ₹1 per litre each for the third time in eight days. This pushed cumulative hikes to almost ₹5 per litre in only over a week despite a fall in international crude oil prices.
Hyderabad recorded the highest petrol price at ₹112.81 per litre on Saturday, followed closely by Thiruvananthapuram at ₹112.64 and Patna at ₹111 per litre. Mumbai’s petrol price touched ₹108.45 per litre after an 86 paise increase, while Kolkata and Jaipur also remained above ₹109 per litre.
In Delhi, ₹99.51 per litre”>petrol prices climbed by 87 paise to ₹99.51 per litre, while diesel rose 91 paise to ₹92.49 per litre. Industry experts said gradual hikes may continue until OMCs recover estimated revenue losses of ₹8-10 per litre on petrol and diesel sales, HT reported earlier.
Top 10 cities with highest petrol prices on May 23
According to fuel price data compiled by Goodreturns,
1.Hyderabad — ₹112.81 per litre
2. Thiruvananthapuram — ₹112.64 per litre
3. Patna — ₹111 per litre
4. Kolkata — ₹110.64 per litre
5. Jaipur — ₹109.84 per litre
6. Mumbai — ₹108.45 per litre
7. Bengaluru — ₹108.09 per litre
8. Bhubaneswar — ₹106.18 per litre
9. Chennai — ₹105.33 per litre
10. Guwahati — ₹105.1 per litre
Diesel crosses ₹100 in two cities
Diesel prices also witnessed sharp increases across cities. As per Goodreturns:
1.Thiruvananthapuram — ₹101.55 per litre
2. Hyderabad — ₹100.94 per litre
3. Bhubaneswar — ₹97.80 per litre
4. Patna — ₹97.03 per litre
5. Kolkata — ₹97.02 per litre
6. Chennai — ₹97 per litre
7. Bengaluru — ₹95.99 per litre
8. Jaipur — ₹95.05 per litre
9. Mumbai — ₹95.02 per litre
10. Guwahati — ₹94.03 per litre
Why fuel prices are rising
Sector experts said international crude oil prices remain volatile and elevated above $100 per barrel due to tensions in West Asia. India imports more than 88% of its crude oil requirements. This makes domestic fuel prices highly sensitive to global price spikes and rupee-dollar fluctuations.
According to industry estimates, OMCs were losing nearly ₹1,000 crore daily on petrol, diesel and LPG sales after the first hike on May 15, HT reported earlier. The losses have now reportedly reduced to below ₹500 crore per day after three rounds of price increases.
The three state-run fuel retailers, Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, together control more than 90% of India’s fuel retail market and revise prices simultaneously.
(With inputs from HT’s Rajeev Jayaswal)
