Fuel prices across major Indian cities remained largely unchanged on May 31, with only minor adjustments of a few paise in select cities. According to reports from NDTV Profit, this stability comes after petrol and diesel prices were hiked for the fourth time in less than 12 days, with the latest increase of ₹2.6 and ₹2.7 per litre respectively. The previous hikes had pushed petrol prices in several cities towards the ₹114-per-litre mark, exposing the widening gap in fuel costs across states.
As reported by NDTV Profit, the latest pricing structure shows significant variation across Indian cities. Petrol prices range from ₹102.12 per litre in Delhi to ₹115.73 in Hyderabad, while diesel prices vary from ₹95.20 in Delhi to ₹103.82 in Hyderabad. The pricing differential reflects state-level taxation policies and local market conditions. Kolkata continues to have the highest petrol prices at ₹113.51 per litre, while Mumbai maintains the highest diesel rates at ₹97.83 per litre. On May 31, specific city-wise rates include Delhi petrol at ₹102.12/litre, Kolkata at ₹113.51/litre, Mumbai at ₹112.21/litre, Chennai at ₹108.01/litre, Hyderabad at ₹115.73/litre, and Bengaluru at ₹110.89/litre.
According to NDTV Profit reports, state-owned oil firms are incurring losses of ₹1,600-1,700 crore per day amid the current crisis, with total losses exceeding ₹1 lakh crore in 10 weeks. The crisis has been driven by the ongoing US-Iran conflict, which has significantly impacted global oil prices. Rates have increased by ₹7.5-8 since the start of the US-Iran war, with global oil prices rallying due to ongoing Middle East tensions. Diesel prices in Kolkata have reached ₹99.82 per litre, while Chennai diesel costs ₹99.66 per litre, reflecting the impact of the ongoing crisis on state-level pricing.
As reported by NDTV Profit, oil prices showed mixed movements on Wednesday as investors assessed progress in US-Iran talks. Brent crude for July settlement fell 0.5% to $99.13 per barrel, while WTI crude for July delivery declined 0.9% to $93.09 per barrel. The market continues to track developments near the Strait of Hormuz after US forces struck targets close to the waterway, with Iran's Islamic Revolutionary Guard Corps firing at several US aircraft after they entered Iranian airspace. Despite renewed hostilities, US Secretary of State Marco Rubio indicated that any agreement between Washington and Tehran could still take several days to complete.
