India’s state-run refiners increased retail prices again for diesel and Petrol. This move aims to help processors reduce losses from discounted sales and manage rising demand.
Both fuels rose by nearly 1 %, or less than one rupee. Petrol now costs 99.51 rupees and diesel priced at 92.49 rupees per litre in New Delhi, as reported by Indian Oil, the country’s largest fuel retailer. Prices vary across India because of local taxes.
Third time Petrol and diesel prices rise in India
Smaller companies like Bharat Petroleum (BPCL) and Hindustan Petroleum also raised their prices within the same range. The state refiners, which control 90 % of the market, increased prices for the first time in four years on May 15 by over 3 %, or three rupees per liter. The subsequent two increases were kept to less than one rupee to avoid shocking consumers with a sudden jump.
BPCL said that it selling diesel at a loss of 25 to 30 rupees per liter and petrol at a loss of 10 to 14 rupees per liter. In contrast, Shell India, a private retailer, charges over 115 rupees for petrol and over 126 rupees for diesel per liter.
Retailers face major losses
Retailers’ losses are worsening due to increased demand from bulk consumers who are seeking cheaper options at retail pumps. This situation is causing panic buying, as many worry that the country is running low on fuel.
The Ministry of Petroleum and Natural Gas said that India has enough supplies of petrol and diesel, urging people to avoid panic buying. “Responsible consumption and public cooperation help ensure smooth fuel availability for everyone during this period of high demand,” it said in a post.
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