NEW DELHI/KOLKATA, MAY 15 — Retail fuel prices across India saw a significant upward revision on Friday as state-run oil retailers adjusted rates for the first time in months. The move, triggered by the ongoing conflict involving Iran, saw petrol prices jump by approximately ₹3 per litre in most metropolitan areas, ending a period of relative price stability for consumers.
The price of petrol in Mumbai has been adjusted to ₹106.68 per litre, while Chennai saw an increase to ₹103.67. Diesel prices followed a similar trajectory, with Chandigarh rates settling at ₹82.45 and Kolkata reaching ₹95.13. Sources within the oil marketing sector affirmed that the revision was a necessary response to international crude prices nearly doubling from their February averages.
“Oil marketing companies had earlier reported significant under-recoveries during the 2022–23 financial year when input costs rose sharply,” a representative stated. Officials maintained that the pause in daily price revisions, which began during the Russia-Ukraine conflict, had led to a massive accumulation of absorbed costs that finally required a retail adjustment.
The data indicates that Himachal Pradesh saw a petrol hike of ₹2.80, bringing the new rate to ₹94.20. Market experts declared that the surge in West Asia has disrupted global supply expectations, forcing domestic providers to align with the new economic reality. Although global rates had eased temporarily in the past, the current geopolitical climate has renewed the strain on the energy sector’s financial health.
