Fuel Prices Surge: Petrol, Diesel Jump ₹3 Per Liter Across India
Petrol and diesel prices increased by ₹3 per liter with effect from midnight. In Gurugram, diesel is now priced at ₹90.67 per liter while petrol costs ₹97.77 per liter.
Petrol and diesel prices witnessed a significant spike on Friday, with rates increasing by ₹3 per liter across the country including Gurugram. This marks the first time since 2022 that such a substantial increase has been implemented.
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Consumers have been dealing with rising expenses once again as petrol and diesel prices witnessed a sharp increase on Friday. After a long period of stability, the country has seen a significant jump in fuel prices with oil marketing companies implementing a direct increase of ₹3 per liter across all major cities and states including Delhi and Gurugram.
In Gurugram, diesel prices have risen to ₹90.67 per liter while petrol is now available at ₹97.77 per liter, reflecting the sudden rate revision.
This is the first occurrence since 2022 when such a substantial increase in fuel prices has been observed simultaneously across both fuels. The price revision has significant financial implications for average citizens whose budgets have already been strained.
According to petroleum ministry officials, the primary driver behind this price surge is the global crude oil market where prices have escalated from $65 to nearly $115 per barrel. Oil marketing companies have been incurring losses of approximately ₹1,000 crore daily due to under-recovery mechanisms.
The ministry further revealed that cumulative losses have now reached around ₹2 lakh crore. While other nations had already witnessed fuel price increases earlier, India maintained stable rates for an extended period.
The rising fuel costs will directly impact logistics expenses, subsequently affecting the prices of essential commodities including fruits, vegetables, and daily household items. Prime Minister Modi had previously appealed for reduced fuel consumption, which is now being viewed as an early indicator of these price adjustments.
