Petrol and Diesel Prices on May 31: How much does fuel cost in Delhi, Mumbai, Bengaluru, Kolkata and other cities | Today’s news
Fuel prices remained unchanged on Sunday, May 31. The latest increase in fuel prices was reported on Monday, May 25, when both gasoline and diesel prices rose by more than ₹2.50 per liter.
It was the fourth price hike in less than two weeks, extending a delayed transmission of soaring global oil prices triggered by the Iran conflict.
The latest increase marked a cumulative increase since May 15 of nearly ₹7.5 per liter.
Fuel prices have now reached their highest level since May 2022 after remaining largely frozen for more than two years, with the exception of ₹A reduction of 2 per liter in March 2024 before the national election.
The war in West Asia disrupted global energy supplies, including supplies to India. Due to the three-month-long conflict, 40 percent of India’s oil imports, 65 percent of natural gas and 90 percent of LPG supplies that came from countries in the Persian Gulf region were cut off.
Change in petrol and diesel prices
Gasoline prices have increased by ₹2.61 liters and diesel would ₹2.71 on Monday, the fourth increase.
In Delhi, petrol prices rose to ₹102.12 per liter from ₹99.51, while diesel climbed to ₹95.20 from ₹92.49.
The government said the higher retail fuel sales were due in part to agricultural demand and a shift in purchases from wholesalers and private fuel dealers to government stores due to the price differential.
More than 150 districts saw more than 30 percent increase in petrol sales, with 14 districts recording double sales, said Sujata Sharma, joint secretary, petroleum ministry.
Diesel sales grew by more than 30 percent in 156 districts, while six districts reported growth of more than 100 percent.
Sales of private fuel retailers fell 38 percent for diesel, while state-owned oil marketing companies saw a 29 percent drop in bulk diesel sales, it added.
While petrol and diesel sold through gas stations of state-owned firms are still below cost, bulk customers such as telecom towers are charged market rates. Also, private retailers have hiked petrol and diesel prices much more than their PSU counterparts.
IOC, BPCL and HPCL, which control 90 per cent of the market, raised petrol and diesel prices by about ₹7.50 per liter from May 15.
