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Petrol, Diesel Prices Today Latest Updates May 15: Petrol and diesel prices were increased on Friday by Rs 3 per litre after state-owned oil firms ended a four-year record hiatus in rate revision. Petrol price was hiked to Rs 97.77 per litre from Rs 94.77 in the national capital. Diesel now costs Rs 90.67 as against Rs 89.67 per litre previously, the industry sources stated to news agency PTI. Earlier, several rumours were circulating over a possible fuel price hike. The fuel price hike has raised concerns among consumers across the country.
The Brent oil prices have been at a record high in the wake of the US-Israel and Iran war, which began on February 28 this year. The Brent oil price has been hovering over USD 100 per barrel as the US and Iran are attempting to mediate for a long-term ceasefire in the region.The widening of the ambit of the war engulfed the West Asian countries, which are major suppliers of fuel.
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State-owned oil firms had kept fuel price unchanged for 11 weeks despite a surge in input cost, but passed on part of the increase once operations became financially unsustainable, the sources said. Prices have remained on freeze since April 2022, but had a one-off reduction of Rs 2 a litre each on petrol and diesel in March 2024 just before the Lok Sabha elections.
The price has been hiked due to the ongoing Iran war and tensed situation in the Strait of Hormuz. Energy prices globally shot up after the US-Israel attack on Iran on February 28, and the subsequent retaliation by Tehran effectively shut down the Strait of Hormuz – the sea lane through which a fifth of the world’s oil and gas transits. Crude oil, the input raw material for making petrol and diesel, surged above USD 120 per barrel during the peak of the West Asia conflict, as opposed to the USD 70-72 range before the conflict.
In New Delhi, the petrol price on May 15 stood at Rs 97.77 per litre with Rs 3 change, while in Kolkata, the petrol price is Rs 108.74 per litre. In Mumbai, the petrol is priced at Rs 106.64 per litre. In Chennai, the price of Petrol was recorded at Rs 103.90 per litre.
Among NCR cities, Gurgaon witnessed a notable increase of Rs 2.99 to Rs 98.29, and Noida saw a notable increase of Rs 3.30 to Rs 98.04. Meanwhile, petrol prices in Bangalore are Rs 106.17.
In New Delhi, the diesel price on May 15 stood at Rs 90.67 as against Rs 89.67 per litre previously, while in Kolkata, the diesel price is Rs 95.13 per litre. Cost of Diesel in Mumbai is Rs 93.14.
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In Chennai, the price of diesel was recorded at Rs 95.47 per litre. Among NCR cities, Gurgaon witnessed a notable increase of Rs 3 to Rs 90.77, and Noida saw an increase of Rs 3.50 to Rs 91.31. Meanwhile, diesel prices in Bangalore is Rs 94.10.
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