Oil Marketing Companies (OMCs) have announced fresh petrol, diesel, and CNG prices for May 24, bringing another increase in fuel rates across major Indian cities. This is the third fuel price hike within a short span, mainly due to rising global crude oil prices and ongoing geopolitical tensions in the Middle East.
According to the latest update, petrol prices in Delhi are nearing the ₹100 mark, while Mumbai, Kolkata, and Hyderabad continue to remain among the most expensive cities for fuel buyers. CNG prices have also increased again in Delhi-NCR and nearby cities.
Latest Fuel Prices In Major Cities (May 24)
| City | Petrol Price | Diesel Price | CNG Price |
|---|---|---|---|
| Delhi | ₹99.51/litre | ₹92.49/litre | ₹81.09/kg |
| Mumbai | ₹108.49/litre | ₹95.02/litre | ₹81.00/kg |
| Kolkata | ₹110.64/litre | ₹97.02/litre | — |
| Chennai | ₹105.31/litre | ₹96.98/litre | ₹91.50/kg |
| Bengaluru | Around ₹106/litre | Around ₹94/litre | ₹90.00/kg |
| Hyderabad | Above ₹110/litre | Around ₹99/litre | ₹97.00/kg |
Experts say the sharp rise in international crude oil prices is directly impacting Indian fuel rates because India imports nearly 85% of its crude oil requirement. Brent crude prices recently crossed the $100-per-barrel level amid tensions involving Iran and disruptions around the Strait of Hormuz.
State-run oil companies including Bharat Petroleum, Indian Oil Corporation, and Hindustan Petroleum are reportedly facing losses while selling fuel below market-linked rates. Officials have indicated that further price hikes may happen if global crude prices continue to rise.
The increase in petrol, diesel, and CNG prices is expected to affect transportation costs, food prices, and household expenses across the country. Public transport operators and logistics companies have already raised concerns over rising operational costs.
Impact On Common People
The latest increase in fuel prices has started affecting daily life in many cities. Auto-rickshaw drivers, cab operators, truck owners, and delivery workers say their earnings are getting reduced because fuel expenses are rising continuously. Many transport unions are now demanding relief from the government to control operational costs.
Middle-class families are also feeling pressure as higher fuel prices often lead to increases in vegetable rates, milk prices, grocery transportation, and online delivery charges. Experts believe inflation could rise further if fuel prices continue climbing in the coming weeks.
Why Fuel Prices Differ In Every City
Petrol and diesel prices are different in every state because of local VAT taxes, transportation charges, and dealer commissions. States with higher taxes usually witness more expensive fuel rates. Metro cities like Mumbai and Hyderabad generally remain at the top due to additional state levies.
CNG prices also vary depending on local distribution companies and transportation expenses. Delhi still remains cheaper compared to many southern cities due to wider CNG infrastructure and government support.
Possibility Of More Hikes Ahead
Energy market analysts believe fuel prices may remain unstable throughout the next few weeks because of global uncertainty. If crude oil prices continue rising internationally, Indian consumers may face another round of fuel hikes soon.
Some experts are also suggesting that the central government may consider reducing excise duty if inflation increases sharply before the festive season. However, no official announcement has been made yet.
Meanwhile, citizens across social media platforms are expressing concern over increasing living costs and demanding stable fuel pricing policies. Opposition parties have also criticized the latest hikes, calling them an additional burden on the public.
