Petrol and diesel prices today, May 20: Fuel prices in Delhi, Mumbai, Bengaluru after 90 paise per liter hike | Today’s news
Petrol and diesel prices in India remained largely steady on Wednesday, a day after state-run oil marketing companies introduced another round of price hikes, raising rates by as much as 90 paise per litre. The increase marked the second increase in less than a week amid increased global oil prices.
Industry sources said petrol prices in the capital have been revised to ₹98.64 per liter from ₹97.77 earlier, while diesel rates rose to ₹91.58 per liter from ₹90.67.
The latest price updates issued by Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited showed limited movement in fuel prices in major cities, with variations due to local value added tax rates and transport costs.
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. However, ₹The increase of 3 per liter was still below the level needed for oil marketing companies to fully cover losses from fuel sales.
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.
