Petrol and diesel prices were increased again on Tuesday, marking the second hike within a week after fuel rates had remained unchanged for more than four years.
State-run oil marketing companies raised petrol prices by up to 96 paise per litre and diesel prices by as much as 94 paise per litre across major cities. The latest revision comes days after a ₹3 per litre increase announced on May 15.
The government recently disclosed that public sector oil companies are currently losing around ₹750 crore a day despite the earlier hike.
Global crude oil prices have surged sharply amid escalating tensions in West Asia following the US-Israel conflict with Iran.
Attacks on energy infrastructure and supply facilities across the Gulf region have disrupted production and shipping operations since March. Iran’s continued closure of the Strait of Hormuz has further intensified supply concerns and pushed up crude prices globally.
According to government estimates, oil marketing companies were losing nearly ₹1,000 crore a day earlier this month due to rising crude prices and unchanged domestic fuel rates.
Officials said the ₹3 hike announced last week helped reduce daily losses to around ₹750 crore. The latest increase is expected to ease some of the remaining pressure on oil companies.
