State-run fuel retailers increased petrol and diesel prices in Mumbai on Monday, May 13, 2024, marking the fourth hike in under two weeks [1], [4].

These rapid price increases place a significant financial burden on commuters and delivery workers who rely on affordable fuel for their daily livelihoods. The volatility reflects the immediate impact of global energy instability on local consumers.

Petrol prices in Mumbai crossed ₹111 per litre [1], while diesel prices rose to near ₹98 per litre [1]. The most recent adjustment saw an increase of between Rs 2.61 and 2.71 per litre [3]. These changes were implemented by Indian Oil, Bharat Petroleum, and Hindustan Petroleum [1].

The surge is driven by rising global crude oil prices and supply disruptions. Specifically, the closure of the Strait of Hormuz has forced retailers to pass higher procurement costs directly to the public [2], [3].

Despite the current volatility, some reports indicated that prices in major metros, including Delhi and Kolkata, remained frozen on May 11, 2024, even as Brent crude surpassed $104 per barrel [5], [6]. However, the state-run retailers proceeded with the fourth increase on Monday to offset mounting losses [5].

Local delivery workers said they have difficulty managing their budgets as the cost of fuel continues to climb. Because these workers operate on thin margins, frequent hikes of several rupees per litre quickly erode their take-home pay.

“Petrol prices in Mumbai crossed ₹111 per litre”

The frequent price adjustments indicate that Indian state-run oil marketing companies are no longer absorbing the shock of global crude volatility. With the Strait of Hormuz—a critical global oil chokepoint—experiencing disruptions, India's reliance on imported energy makes its domestic retail prices highly sensitive to geopolitical instability in the Middle East.