- Fuel prices rose by Rs 3/litre after years, impacting major cities.
- Hike follows global crude oil volatility and supply chain issues.
- Panic buying occurred as consumers rushed to refuel before increases.
- Consumers worry about rising costs and inflation’s broader impact.
Fuel Price Hike: After nearly four years of steady retail fuel prices, motorists across India woke up to a sharp increase in petrol and diesel rates on Friday, with oil marketing companies raising prices by Rs 3 per litre with immediate effect. The sudden revision has pushed fuel prices higher across major metros and triggered panic buying in several parts of the country, as consumers rushed to fill tanks before the new rates took effect fully at local outlets.
Sharp Increase Follows Crude Oil Volatility
The latest hike comes amid continued instability in global crude oil markets, driven largely by the ongoing crisis in West Asia. Industry analysts say the disruption in energy supply chains and rising import costs have placed mounting pressure on public sector oil retailers.
State-run companies including Indian Oil Corporation (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) had already raised prices of premium petrol variants earlier this year. Despite those revisions, the firms were reportedly suffering combined daily losses of around Rs 1,600 crore as they absorbed higher international crude prices without fully transferring the burden to consumers.
Media reports indicated that the Centre had delayed a broader retail fuel revision for months to prevent inflationary pressures from worsening, given that fuel prices directly affect transportation, logistics, and the cost of essential goods.
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City-Wise Petrol Prices On May 15
Following the increase, petrol and diesel rates in key cities now stand significantly higher.
MS (petrol) prices per litre are now
- Delhi: Rs 97.77
- Kolkata: Rs 108.74
- Mumbai: Rs 106.68
- Chennai: Rs 103.67
Diesel Price Hike Among Cities
For HSD (diesel), prices have climbed to
- Delhi: Rs 90.67
- Kolkata: Rs 95.13
- Mumbai: Rs 93.14
- Chennai: Rs 95.25
The move marks the first major retail fuel price adjustment in years and is expected to have a ripple effect across sectors dependent on transportation and logistics.
Long Queues, Panic Buying Reported In Several States
Amid reports of the announcement, scenes of panic buying was seen in multiple cities on Thursday night and Friday morning. Fuel stations in parts of Rajasthan and Gujarat witnessed long queues of vehicles, with some pumps reportedly displaying “No Fuel” and “Out of Stock” notices after stocks ran low due to unusually high demand.
Consumers in several urban centres also expressed concern that the hike could further raise household expenses and transportation costs in the coming weeks.
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Consumers Express Frustration
Consumers across Delhi and other regions voiced mixed reactions to the latest fuel price hike. At a pump in Dhaula Kuan, one commuter noted that while the increase directly impacts households, it must be seen against the backdrop of global turmoil. With wars disrupting supply chains, crude oil prices soaring, and demand rising, he argued that the government’s decision was likely made after careful consideration. Still, he acknowledged that higher fuel costs inevitably drive inflation, affecting transport, goods, and services across the board. Others expressed frustration, warning that the hike would make daily life more expensive.
“Inflation is already high, and now everything will cost more,” said one customer, urging authorities to intervene. Amrik Singh Bhatia pointed out that rising petrol and diesel prices push up transportation costs, which in turn raise commodity prices, leaving ordinary citizens to bear the brunt. Local residents echoed the sentiment, stressing that expenses are climbing steadily and calling on the government to find a solution.
