Fuel Prices Surge: Petrol and Diesel Rates Increase by ₹3/Litre in Major Indian Cities
Petrol, diesel fresh prices on May 17: Check latest rates in Delhi, Mumbai, Bengaluru, Kolkata after ₹3/litre hike
Image: Mint
On May 17, 2023, petrol and diesel prices in India increased by ₹3 per litre, marking the highest rates since May 2022. Petrol now costs ₹97.77 per litre in New Delhi, while diesel is priced at ₹90.67 per litre. This hike follows rising global crude oil prices, influenced by geopolitical tensions in West Asia.
- 01Petrol prices in New Delhi increased from ₹94.77 to ₹97.77 per litre, while diesel rose from ₹87.67 to ₹90.67.
- 02The increase in fuel prices is attributed to disruptions in the Strait of Hormuz, a critical waterway for global oil supply.
- 03Brent crude oil prices have surged by 3.35% to $109.26 per barrel amid geopolitical tensions.
- 04The Indian government has also introduced a ₹3 per litre export duty on petrol.
- 05Analysts warn of potential refined product shortages and inflationary pressures due to ongoing supply issues.
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On May 17, 2023, petrol and diesel prices in India were raised by ₹3 per litre, reaching their highest levels since May 2022. In New Delhi, petrol now costs ₹97.77 per litre, while diesel is priced at ₹90.67 per litre. This adjustment follows a significant increase in global crude oil prices, with Brent crude rising 3.35% to settle at $109.26 per barrel, driven by tensions in the Strait of Hormuz, a vital passage for oil transport. The Indian government had previously shielded consumers from price volatility despite Brent crude exceeding $100 per barrel due to geopolitical conflicts. Alongside the fuel price hike, the government has imposed a ₹3 per litre export duty on petrol and increased CNG prices in cities like Delhi and Mumbai by ₹2 per kg. Analysts express concerns that sustained disruptions in oil supply could lead to refined product shortages and heightened inflation, prompting central banks to consider tightening monetary policies.
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The rise in fuel prices will directly affect consumers, leading to increased transportation costs and potential inflation in goods and services.
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