Global oil shock: OMCs raise fuel prices for second time in less than a week

New Delhi, May 19 : State-run oil marketing companies on Tuesday raised petrol and diesel prices for the second time in less than a week amid soaring global crude oil prices.

Following the latest revision, petrol became costlier by 86 paise per litre and diesel by 83 paise per litre.

In the national capital, petrol prices rose to Rs 98.64 per litre, while diesel prices increased to Rs 91.58 per litre.

The increase comes days after oil firms raised petrol and diesel prices by Rs 3 per litre on May 15, the first hike in more than four years amid ongoing geopolitical tensions and a sharp rise in global crude prices triggered by the US-Iran conflict.

Moreover, fuel prices are now at their highest levels since May 2022.

The latest hike in fuel prices also follows successive increases in compressed natural gas (CNG) rates.

India’s leading city gas distributor, Indraprastha Gas Limited (IGL) on Sunday increased compressed natural gas (CNG) prices by Re 1 per kg across its network, the second hike within 48 hours.

Global crude oil prices have surged more than 50 per cent since tensions involving Iran escalated earlier this year, disrupting supplies through the Strait of Hormuz, one of the world’s key oil shipping routes.

Last week, oil marketing companies (OMCs) had raised petrol and diesel prices by Rs 3 per litre each. Following that revision, petrol prices in Delhi rose by Rs 3.14 per litre to Rs 97.77, while diesel became costlier by Rs 3.11 per litre.

In addition, amid the West Asia conflict, oil companies had also raised CNG prices by Rs 2 per kg earlier this month.

According to industry estimates, the three major public sector oil retailers -- Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited -- are projected to report combined losses of nearly Rs 1.2 lakh crore in the first quarter of FY27 alone.