Delhi petrol tops Rs 102/litre as India fuel prices rise for fourth time in two weeks

Fuel prices in India rose for the fourth time in two weeks on Monday, pushing petrol rates in New Delhi above 102 rupees a litre, as state-run fuel retailers continued to pass on higher global crude oil costs linked to the conflict in West Asia.

Petrol prices in Delhi were raised by 2.61 rupees to 102.12 rupees per litre, while diesel prices increased by 2.71 rupees to 95.20 rupees per litre, according to data from state fuel retailers cited by Press Trust of India.

The latest increase follows a series of fuel price revisions since May 15, when oil marketing companies resumed rate adjustments after a four-year freeze. Petrol and diesel prices have since risen by nearly 7.5 rupees per litre.

Fuel retailers first raised prices by around 3 rupees per litre on May 15, followed by increases of about 90 paise on May 19 and up to 95 paise on Saturday.

The hikes come even as global oil prices eased on Monday after weeks of volatility driven by tensions in West Asia. Brent crude futures, which had surged to as high as $106 a barrel on Friday, fell more than 5% to around $98 a barrel on hopes of a possible agreement between the United States and Iran.

However, U.S. President Donald Trump later cautioned against expectations of a quick deal, saying on social media that negotiators should “not rush into a deal” and that discussions were still ongoing.

India, the world’s third-largest oil importer, depends on imports for about 88% of its crude oil requirements and nearly half of its natural gas demand. Much of these supplies move through the Strait of Hormuz, a key shipping route affected by the regional conflict.

The Centr earlier this month ruled out an immediate financial relief package for state-run oil marketing companies despite mounting losses from elevated crude prices.

Oil companies are facing under-recoveries estimated at around 2 trillion rupees, Petroleum Minister Hardeep Singh Puri said on May 10, adding that losses in the current quarter could reach 1 trillion rupees.

He said retailers had continued selling petrol, diesel and liquefied petroleum gas at controlled prices despite rising international energy costs, resulting in daily losses of as much as 10 billion rupees.