PETROL prices were raised by Rs 2.61 a litre and diesel by Rs 2.71 on Monday, the fourth increase in less than two weeks that extended a delayed pass-through of soaring global crude oil costs triggered by the Iran conflict. The latest increase took cumulative hikes since May 15 to nearly Rs 7.5 per litre. In Delhi, petrol prices rose to Rs 102.12 per litre from Rs 99.51, while diesel climbed to Rs 95.20 from Rs 92.49, according to industry sources. Fuel prices have now reached their highest levels since May 2022 after remaining largely frozen for more than two years, barring a Rs 2-per-litre cut in March 2024 ahead of national elections.

 

The hike came as global oil prices fell sharply amid tentative hopes for a deal to end the US-Israel war on Iran. Brent crude, the primary benchmark for global oil prices, fell more than 5 per cent after the US and Iran agreed in principle to reopen the Strait of Hormuz. Prices vary across States due to local levies. After Monday’s increase, petrol in Mumbai was priced at Rs 111.21 per litre and diesel at Rs 97.83, while Kolkata rates rose to Rs 113.51 and Rs 99.82, respectively. In Chennai, petrol cost Rs 107.77 and diesel Rs 99.55 per litre.