India increased petrol and diesel prices by up to 91 paise per litre on May 23, 2024 [1], [2].
These frequent adjustments signal the Indian government's effort to recover losses as global crude oil prices fluctuate. The volatility is driven largely by geopolitical tensions in regions such as the Strait of Hormuz [2], [3].
The latest hike marks the third price increase within a 10-day window [2], [4]. A previous increase occurred on May 19, 2024 [3].
In New Delhi, petrol prices rose by 87 paise per litre [1], bringing the cost to Rs 99.51 per litre [1]. Diesel in the capital saw a larger increase of 91 paise per litre [1], resulting in a final price of Rs 92.49 per litre [1].
Other major cities experienced similar upward trends. In Kolkata, petrol prices reached Rs 110.64 per litre [1], while diesel prices climbed to Rs 97.02 per litre [1]. Some reports described the overall increase as nearly a rupee per litre [3].
The Ministry of Petroleum & Natural Gas and various fuel retailers implemented these changes across the country [2]. While most reports confirm the hike, some initial data from May 23 suggested petrol prices remained stable in certain areas [4].
This pattern of rapid adjustments reflects the sensitivity of the domestic market to international oil benchmarks. With three hikes in less than 10 days [2], consumers are facing a compounding increase in transportation, and logistics costs.
“India increased petrol and diesel prices by up to 91 paise per litre”
The frequency of these price hikes suggests that the Indian government is unable or unwilling to absorb the cost of rising global crude oil. By passing these costs to consumers through rapid, incremental increases, the state protects the financial viability of fuel retailers and the Ministry of Petroleum & Natural Gas, but risks fueling domestic inflation as transport costs for goods typically rise in tandem with diesel prices.
