State-run oil companies have raised petrol prices by ₹2.61 per litre and diesel prices by ₹2.71 per litre, taking the cumulative revision over the last two weeks to about ₹7.35 and ₹7.53 per litre for petrol and diesel, respectively.
Following Monday's price hike, petrol is being sold at ₹102.12 per litre and diesel at ₹95.20 a litre in Delhi.
This is the first time in four years that the retail price of petrol has crossed the ₹100 mark.
The incremental hike cycle is unlikely to end soon, as state-run oil companies are recovering current revenue losses on petrol and diesel and recouping their past under-recoveries on auto fuels and cooking gas.
Industry executives and sector analysts say the current cycle has moved at a comparable pace to the 2022 revision, though the under-recovery gap is larger and the crude price environment remains more volatile.
Prices in metros have risen, with petrol now standing at ₹113.51 in Kolkata, ₹111.21 in Mumbai, and ₹107.77 in Chennai, and diesel at ₹99.82 in Kolkata, ₹97.83 in Mumbai, and ₹99.55 in Chennai.
