New Delhi:
Days after Prime Minister Narendra Modi’s call to reduce petrol and diesel consumption and use public transport, the Centre has hiked petrol and diesel prices by Rs 3 per litre. The hike, which comes into effect today (May 15), breaks the four-year-long freeze on rate revisions that had been in place since April 2022.
Petrol in the national capital Delhi will now cost Rs 97.77 a litre, while diesel will be priced at Rs 99.67.
Petrol Price In Your City On May 15
| City | Petrol Price Effective May 15 | Hike |
| Delhi | Rs 97.77 | +3.00 |
| Kolkata | Rs 108.74 | +3.29 |
| Mumbai | Rs 106.68 | +3.14 |
| Chennai | Rs 103.67 | +2.83 |
Diesel Price In Your City On May 15
| City | Diesel Price Effective May 15 | Hike |
| Delhi | Rs 90.67 | +3.00 |
| Kolkata | Rs 95.13 | +3.11 |
| Mumbai | Rs 93.14 | +3.11 |
| Chennai | Rs 95.25 | +2.86 |
The Last Time Petrol, Diesel Prices Were Changed
Prices have remained unchanged since April 2022, except for this one time when both petrol and diesel saw Rs 2 per litre reduction in March 2024 just before the Lok Sabha elections.
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Why Petrol, Diesel Prices Have Increased
State-run oil companies — Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) — have been buying crude oil at a higher price amid Middle East crisis, but had not been passing the increase on to retail consumers.
The oil-marketing companies have reportedly been bearing a loss of about Rs 1,600 crore daily. Despite this, the Centre refrained from increasing fuel prices to keep inflation under control.
However, India has been feeling the impact of the prolonged US-Iran war, and the blockade of the Strait of Hormuz that have disrupted oil and gas supplies. This hike in fuel prices was expected.
Speaking at a conference in Switzerland on Tuesday, Reserve Bank of India (RBI) Governor Sanjay Malhotra had said if it (war) continues for a longer period of time, then it is a “matter of time that the government will actually pass on some of these price increases”.
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PM Modi’s Call To Cut Fuel Consumption
Earlier on Sunday, PM Modi made seven appeals to the citizens, urging them to cut down on unnecessary investments and travel to save fuel amid oil crisis following the US-Iran war that has been going on for over 70 days now.
PM Modi called to prioritise work from home, reduce petrol and diesel consumption, use the metro and public transport, and avoid foreign travel for a year, among other requests.
The Prime Minister has cut his convoy size by 50 per cent, and asked the Special Protection Group (SPG), the agency responsible for his security, to increase the number of electric vehicles (EVs) in his carcade.
