Crude oil prices surge amid Iran war, petrol and diesel prices hiked by Rs3
State-run oil companies raised pump prices of petrol and diesel by ₹3 per litre each across the country on Friday, while Indraprastha Gas Ltd (IGL) increased compressed natural gas (CNG) rates by ₹2 per kg in and around Delhi — the first retail fuel price revision since the West Asia conflict drove international crude to multi-year highs.
In Delhi, retail outlets of public sector oil companies are now selling petrol at ₹97.77 per litre and diesel at ₹90.67. IGL is selling CNG at ₹79.09 per kg in Delhi, ₹80.70 in Noida, ₹84.12 in Gurugram, and ₹88.44 in Ajmer.
Because of local levies, pump prices vary by city: petrol is ₹108.74 in Kolkata, ₹106.68 in Mumbai, and ₹103.67 in Chennai; diesel is ₹95.13 in Kolkata, ₹93.14 in Mumbai, and ₹95.25 in Chennai.
The hike provides only partial relief. Government officials and company executives said oil marketing companies (OMCs) will still lose an estimated ₹10–12 per litre on petrol and ₹38–40 per litre on diesel, as international crude prices remain elevated.
Benchmark Brent crude, which was at $72.87 a barrel on February 28 — the day the West Asia conflict broke out — surged 62% to $118.03 by April 29.
It has since slightly receded and was trading at $108.55 per barrel on Friday although the figure was still 2.37% higher than $105.72 on Thursday – a change that underscores the volatility in energy prices.
At the same time, the Indian rupee has weakened to successive record lows, touching ₹95.74 per dollar on Friday — down more than 6% since the start of the year — as elevated crude import costs drive sustained dollar demand.