After a two-day hiatus, India's largest fuel retailer, Indian Oil, raised petrol and diesel prices again on Monday, May 10. Petrol price now costs Rs 91.53 per liter in the national capital, while diesel price costs Rs 82.06 per liter. Currently, the country's financial hub has the highest gas and diesel rates.
According to a price notice from state-owned fuel retailers, the price of petrol has increased by 26 paise per liter and the price of diesel has increased by 33 paise per liter.
With Monday's increase, fuel prices in India reached new highs, and Maharashtra entered the ranks of states like Rajasthan and Madhya Pradesh where petrol prices have surpassed the 100-per-liter level.
The Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum are state-run oil marketing companies that match domestic fuel prices with global crude oil prices by factoring in adjustments in foreign exchange rates. After a weekend break, this is the fifth rise in gasoline and diesel prices since May 4, taking fuel prices to their highest level yet.
Crude prices rose more than 1% on Monday, highlighting the vulnerability of oil infrastructure after a major cyberattack forced the shutdown of vital fuel supply pipelines in the United States. Brent crude was up 76 cents, or 1.1 percent, to $69.04 a barrel at 0039 GMT, after rising l.5% last week.
The new fuel price increases are in place starting at 6 a.m. every day. The following are the fuel prices in major Indian cities, according to the Indian Oil Corporation's (IOC) website on Monday:
- Petrol price in Delhi: Rs 91.53 per liter
- Diesel price in Delhi: Rs 82.06 per liter
- Petrol price in Mumbai: Rs 86 per liter
- Diesel price in Mumbai: Rs 89.17 per liter
- Petrol price in Kolkata: Rs 91.66 per liter
- Diesel price In Kolkata: Rs84.90 per liter
- Petrol price in Chennai: Rs 93.38 per liter
- Diesel pricein Chennnai: Rs 86.96 per liter.
This is the second time this year that certain areas' prices have surpassed $100 per liter. In mid-February, rates had surpassed the physiological threshold for the first time.