New Delhi: The Union government has hiked prices of petrol and diesel by Rs 3 per litre effective from Friday (May 15 2026), amid the pressure emanating due to the war in West Asia and closure of strait of Hormuz.
Following the revision, petrol prices in Delhi rose to Rs 97.77 per litre from Rs 94.77, while diesel prices increased to Rs 90.67 per litre from Rs 87.67.
Among other metros, petrol prices in Kolkata climbed to Rs 108.74 per litre, up by Rs 3.29, while diesel touched Rs 95.13 per litre after a Rs 3.11 increase.
In Mumbai, petrol now costs Rs 106.68 per litre and diesel Rs 93.14 per litre, both up by Rs 3.14 and Rs 3.11 respectively.
Chennai saw petrol prices rise by Rs 2.83 to Rs 103.67 per litre, while diesel increased by Rs 2.86 to Rs 95.25 per litre.
ALSO READ: Govt issues fresh update on petrol, diesel, LPG supply; check full situation here
The much anticipated price rise in the petrol and diesel will significantly impact daily expenses of consumers and travelers across the country.
The price rise shocker came just three days after Union Petroleum Minister Hardeep Singh Puri claimed that the country has no supply side problems.
"Let me tell you categorically, we have no supply side problems. The country has more than enough stocks of crude oil, LNG and LPG, Puri said speaking at the CII Annual Business Summit in the national capital.
Despite the assurances, social media was abuzz of the possible price rise in the petrol and diesel.
ALSO READ: ‘Shock is coming’: Uday Kotak warning goes viral after gold duty hike
Many market experts had anticipated that the center will make an upward revision in the fuel rates.
However, Puri expressed a deep concern on the losses incurred by Oil Marketing Companies (OMCs). He revealed that OMCs are losing nearly Rs 1,000 crore every day, giving a support to the anticipations of the price rise.
“If you look at the fiscal situation, if you look at the fact that my oil companies are losing Rs 1,000 crores every day, the under recovery is going to be Rs 1,98,000 crores. The losses are Rs 1 lakh crore, if you look at the quarter. In that context, how long can you keep it like this? Where is the oil? It used to be around USD 64 or USD 65. It has gone up to USD 115 in that basket,” Puri had said during the CII's event.
ALSO READ: Focus on efficient spending, not wasteful consumption: JCB India MD backs PM's call
According to the government, India has a stock of 60 days of crude oil, 60 days of Natural Gas and 45 days of liquid petroleum gas (LPG).
Ends.
Comments (0)
Be the first to comment!