Hyderabad and other important cities in India experienced a rise in petrol and diesel prices on Friday, May 15. This marks the first increase in over four years and is due to significant losses faced by fuel retailers because of climbing global crude prices.
The price hike occurred 16 days after the conclusion of Assembly elections in Assam, Kerala, Tamil Nadu, and West Bengal. Even though international oil prices surged because of the conflict in West Asia, fuel prices remained stable during the election period.
In Delhi, petrol rates jumped from Rs 94.77 to Rs 97.77 per liter. Diesel prices rose from Rs 87.67 to Rs 90.67. These rates differ across states because of variations in value-added tax.
Although fuel prices are deregulated, political factors often influence any changes.
As of Friday, the petrol and diesel prices in various metro cities are as follows:
- Hyderabad: Petrol Rs 110.89, Diesel Rs 98.96
- Delhi: Petrol Rs 97.77, Diesel Rs 90.67
- Kolkata: Petrol Rs 108.74, Diesel Rs 95.13
- Mumbai: Petrol Rs 106.68, Diesel Rs 93.14
- Chennai: Petrol Rs 103.67, Diesel Rs 95.25
Global energy prices spiked after the US-Israel attack on Iran on February 28. This conflict halted operations in the Strait of Hormuz, a vital passage for the world’s oil and gas supply. During this period, crude oil prices soared above USD 120 per barrel, compared to the USD 70-72 range before the conflict.
Private fuel retailers have already adjusted their prices. In March, Nayara Energy, a leading private fuel retailer in India, increased petrol prices by Rs 5 per liter and diesel by Rs 3. Shell raised petrol prices by Rs 7.41 and diesel by Rs 25 per liter starting April 1. In Bengaluru, Shell’s petrol is priced at Rs 119.85 per liter and diesel at Rs 123.52.
Additionally, domestic cooking gas LPG prices went up by Rs 60 per cylinder in Hyderabad and other metro cities in March.
