State-owned oil marketing companies raised petrol and diesel prices by ₹3 per litre on May 15, 2024 [1], [6].
The price hike affects millions of commuters and transport operators across India. Because fuel costs influence the price of transporting goods, these increases often lead to broader inflationary pressure on essential commodities.
Indian Oil, Bharat Petroleum, and Hindustan Petroleum implemented the changes across major urban centers [1]. The new price for petrol is ₹97.77 per litre, up from the previous rate of ₹94.77 [2], [3]. Diesel prices also rose by ₹3 per litre, moving from ₹89.67 to ₹90.67 [2], [3].
These adjustments were applied in several major cities, including Delhi, Mumbai, Kolkata, Bengaluru, and Chennai [1], [2]. The price increases come as the companies face losses tied to the volatile global energy market.
Industry reports indicate that the decision was driven by rising global crude oil prices [1]. Heightened geopolitical tensions in West Asia — specifically the ongoing conflict in the Middle East — have further destabilized supply expectations and pushed costs higher [1], [2].
While most reports confirm the May 15 date for these specific adjustments, some sources indicated earlier price movements on May 8, 2024 [6]. However, the state-owned marketers have now synchronized these rates across the primary metropolitan hubs to align with current crude valuations.
“Petrol price raised by ₹3 per litre to ₹97.77”
The synchronization of fuel prices by state-owned marketers reflects the direct impact of Middle Eastern instability on the Indian economy. As India imports a vast majority of its crude oil, geopolitical volatility in West Asia creates immediate pricing pressure that the government and state companies must either absorb or pass on to consumers to maintain financial viability.
