Petrol, Diesel prices today, May 23: Check prices in Delhi, Mumbai, Kolkata, Chennai, Hyderabad

Fuel prices in India have seen another upward revision, with state-run oil marketing companies (OMCs) raising petrol and diesel rates on Saturday. Petrol prices have been increased by 87 paise per litre, while diesel prices have gone up by 91 paise per litre.

The latest revision marks the third increase in fuel prices this month and the third hike within a span of just eight days. Earlier this week, petrol and diesel prices were raised by 90 paise per litre, after an earlier increase of Rs 3 per litre.

Prior to these revisions, state-owned OMCs had maintained that they were absorbing significant financial losses. According to the Centre, oil retailers had been incurring losses of nearly Rs 1,000 crore per month.

State-run Bharat Petroleum Corporation Ltd (BPCL) had earlier highlighted the pressure on fuel margins. On Tuesday, the company stated that it was selling diesel at a loss of Rs 25–30 per litre and petrol at a loss of Rs 10–14 per litre.

Meanwhile, private fuel retailers continue to price products at significantly higher levels. As per a Bloomberg report, Shell India is selling petrol at more than Rs 115 per litre and diesel above Rs 126 per litre.

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Following the latest fuel price revision, petrol prices in major cities have moved higher across the country. In Delhi, petrol is now priced at Rs 99.51 per litre after an increase of Rs 0.87. Kolkata witnessed a rise of Rs 0.94, taking the price to Rs 110.64 per litre. In Mumbai, petrol prices increased by Rs 0.90 to Rs 108.49 per litre, while Chennai recorded an increase of Rs 0.82, pushing rates to Rs 105.31 per litre.

Check latest petrol prices here

Fuel prices in key cities (May 23)

Latest Petrol Prices in Major Cities

Delhi: Rs 99.51 (+Rs 0.87) Kolkata: Rs 110.64 (+Rs 0.94) Mumbai: Rs 108.49 (+Rs 0.90) Chennai: Rs 105.31 (+Rs 0.82)

Check latest diesel prices here

Latest Diesel Prices in Major Cities

Diesel prices have also been revised upward in key metros. In Delhi, diesel now costs Rs 92.49 per litre following a hike of Rs 0.91. Kolkata saw prices rise by Rs 0.95 to Rs 97.02 per litre. In Mumbai, diesel rates increased by Rs 0.94 to Rs 95.02 per litre, while Chennai registered a Rs 0.87 increase, taking the price to Rs 96.98 per litre.

Delhi: Rs 92.49 (+Rs 0.91) Kolkata: Rs 97.02 (+Rs 0.95) Mumbai: Rs 95.02 (+Rs 0.94) Chennai: Rs 96.98 (+Rs 0.87)

What drives petrol and diesel prices in India?

Fuel prices at the pump are shaped by a combination of global, economic, and domestic factors. At the heart of it is the international price of crude oil, the base raw material for both petrol and diesel, which has the single biggest bearing on what consumers ultimately pay.

The rupee-dollar exchange rate is another key variable, given that India relies heavily on imported crude. When the rupee weakens against the dollar, the cost of procuring crude rises, which can feed directly into higher retail fuel prices.

Why do prices differ across different cities?

On top of that, taxes levied by both the central and state governments make up a substantial portion of the final price, which is why petrol and diesel rates differ across states. Transportation costs and prevailing demand-supply conditions also factor into the retail price consumers see at the pump