New Delhi/Bhubaneswar, May 15: Petrol and diesel prices were hiked by Rs 3 per litre on Friday amid mounting pressure from rising global crude oil prices triggered by the ongoing West Asia conflict, according to reports.

Following the latest revision, petrol prices in Bhubaneswar rose to Rs 104.57 per litre.

In Delhi, petrol prices increased from Rs 94.77 to Rs 97.77 per litre, while diesel prices rose from Rs 87.67 to Rs 90.67 per litre.

Fuel Prices Revised Across Major Metro Cities
Petrol prices were also revised upward in other metro cities:
Kolkata — Rs 108.74 per litre
Mumbai — Rs 106.68 per litre
Chennai — Rs 103.67 per litre

The increase ranged between Rs 2.83 and Rs 3.29 per litre depending on the city.

Diesel prices too recorded a sharp rise:
Kolkata — Rs 95.13 per litre
Mumbai — Rs 93.14 per litre
Chennai — Rs 95.25 per litre

CNG Prices Also Increased In Delhi
Meanwhile, CNG prices in Delhi have also been revised upward by Rs 2 per kg.

The rate, which stood at Rs 85 per kg earlier, has now increased to Rs 87 per kg.

Oil Marketing Companies Under Pressure
India had so far avoided a major increase in retail fuel prices despite surging global crude oil prices and escalating tensions in West Asia.

However, the latest Rs 3 per litre increase reportedly covers only a fraction of the pressure stemming from the conflict.

State-run oil marketing companies — Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited — had kept retail fuel prices largely unchanged for nearly 11 weeks despite rising input costs.

Officials said the companies were eventually forced to pass on part of the burden as losses mounted and sustaining operations became increasingly difficult financially.

Fuel Prices Had Remained Largely Unchanged Since 2022
Petrol and diesel prices had largely remained unchanged since April 2022, except for a one-time Rs 2 per litre reduction announced in March 2024 ahead of the Lok Sabha elections.

The three oil marketing companies had suspended daily fuel price revisions in April 2022 to shield consumers from the global oil shock caused by the Russia-Ukraine war.

While the firms absorbed heavy losses initially, they later recovered part of the impact after crude oil prices eased globally.

Crude Oil Prices Surge Amid West Asia Crisis
The fresh conflict in West Asia has once again pushed global energy prices sharply higher.

The crude oil basket imported by India, which averaged around USD 69 per barrel in February before the conflict escalated, has now surged to nearly USD 113-114 per barrel.

Speculation Over Fuel Price Hike Intensified
Speculation over another round of fuel price hikes had been building for days as crude oil prices continued to surge globally.

Speaking earlier this week, Infomerics Ratings Chief Economist Manoranjan Sharma said the possibility of a fuel price hike had increased sharply due to prevailing global market conditions.

“With Brent crude above $105 per barrel, fuel price hikes after May 15 are highly likely,” Sharma had said.

Also Read: Why PM Modi Pressed the ‘Petrol’ Button

Panic Refuelling Seen At Petrol Pumps
Amid widespread speculation over a sharp fuel price increase, petrol pumps across several states witnessed heavy rushes as consumers scrambled to top up their fuel tanks before the revision.

Reports from petrol pumps across Delhi-NCR, Uttar Pradesh, Gujarat, Odisha and Bihar indicated unusually long queues and a spike in demand.

Several customers reportedly opted for full-tank refills amid rumours that petrol and diesel prices could increase by Rs 5 to Rs 20 per litre from May 15.