Petrol and diesel prices were increased across India on Monday, with petrol up by 82 paise per litre and diesel by 86 paise, according to the report. The hike comes just four days after both fuels saw a sharp rise of a little over Rs 3 per litre.
Public sector oil marketing companies—Indian Oil, Bharat Petroleum and Hindustan Petroleum—sell fuel through dealers and typically align domestic prices with international crude trends. A daily pricing system, under which the next day’s rates were announced at midnight, was introduced in June 2017.
The report notes that daily revisions had effectively been paused for long stretches in recent years, following periods of high crude prices and subsequent tax cuts and price reductions, including cuts around Diwali 2021, excise duty reductions in May 2022, and a further Rs 2 per litre reduction in March 2024.
With crude prices rising again and supply shortages reported in several countries after a war in West Asia in March this year, oil firms are now considering a return to daily price setting based on global market movements. An oil company official was quoted as saying crude prices continue to climb and shortages persist abroad, while domestic prices remain comparatively lower.
