Petrol & Diesel Prices Today, May 22: Check Fuel Prices in Delhi, Mumbai, Bengaluru, Kolkata | Today’s news
Petrol and diesel prices in India remained unchanged on Friday after marginal increases announced earlier this week by oil companies. Petrol and diesel rates in major cities have remained stable since the last revision.
The latest round of revisions comes days after Prime Minister Narendra Modi raised concerns over fuel consumption during his speech in Hyderabad. Since then, the government has revised fuel prices twice. In cities including Kolkata, Chennai, Mumbai and Hyderabad, petrol prices remain above ₹100 per liter mark.
Petrol and diesel prices were hiked by around 90 paise per liter on May 19 in several metros including Delhi, Mumbai, Bengaluru and Kolkata. The move followed earlier ₹An increase of 3 liters per liter on May 15, the first major increase in fuel prices in more than four years.
₹3 per liter went up last week
Before ₹Priced by 3 litres, petrol in Delhi was sold at cost ₹94.77 per liter while the price of diesel was ₹87.67 per litre.
According to Reuters, the recent hike in fuel prices was aimed at partially offsetting losses suffered by public sector fuel sellers due to higher oil prices.
The rise in domestic fuel prices is linked to volatility in global oil markets amid geopolitical tensions in West Asia. Reuters reported on Tuesday that Brent crude fell 2.4% to $109.43 a barrel after US President Donald Trump suspended a planned military strike against Iran, easing fears of an immediate escalation in the region.
However, oil prices remain significantly higher than at the beginning of this year. Reuters earlier reported that Brent crude climbed to two-week highs on fears of supply disruptions related to the Iran conflict and uncertainty over shipping movements through the Strait of Hormuz.
Previous reports by LiveMint, citing brokerage Emkay Global Financial Services, said petrol and diesel prices could rise further ₹18-20 per liter over the next three to six months if oil prices remain elevated.
