The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
Petrol price has been cut by Rs 2.46 a litre with effect from midnight tonight.
Petrol prices may be cut by Rs 2 a litre from on Wednesday as global oil rates have softened and the rupee has stabilised against the US dollar.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
Petrol price had been cut 10 times since August 2014.
A party MP speaking on the condition of anonymity said that such steep hikes will be damaging for the party and that a number of MPs particularly those from Lok Sabha are "unhappy" with it as they will have a tough time in their constituencies explaining the move.
With the Goa government proposing a reduction in petrol prices by Rs 11, Minister of State for Parliamentary Affairs Rajiv Shukla on Wednesday said the other states especially the BJP ruled ones should emulate the step to ease the burden on the common man.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
State-owned oil firms have decided to "wait-and-watch" the international scenario and the rupee-dollar rate before deciding to cut petrol prices.
India's electric vehicle (EV) market experienced a significant surge in financial year 2025-26 (FY26), with e4W registrations nearly doubling and e2Ws growing by over 20%, propelled by expanding charging infrastructure, diverse model launches, and accessible financing.
Petrol and diesel prices will go by Rs 2.50 and Rs 2 per litre respectively.
Opposing the steep hike in petrol prices and spiralling prices of commodities, National Democratic Alliance has called for a nation-wide bandh on May 31.
It is not perfect, given its lack of space and no diesel engine, but as a package the new Duster is brimming with character, which appeals to you in the end, says Somnath Chatterjee.
State-run Indian Oil Corporation, the country's largest oil refining and marketing firm, today sought a Rs 5.18 per litre hike in the price of diesel and Rs 4.59 per litre increase in petrol prices mainly due to the surge in global crude oil prices.
Trinamool Congress leader Abhishek Banerjee criticised the BJP over the proposed Uniform Civil Code and the delay in recognising the Kurmali language, accusing the party of dividing people and making false promises.
Oil firms had last revised petrol prices on December 1.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
Prices of crude oil are rising in international market and that India has to import 80 per cent of its crude oil consumption.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
Banerjee, the chief of Trinamool Congress, the second major partner of UPA government, however, said her party would not topple the government.
The hike in prices of petrol and diesel seems to have been put on the backburner with the price of the basket of crude oil that Indian refiners
New prices are effective tonight.
On June 2, petrol was brought down by Rs 2.02 to Rs 71.16 a litre in the capital.
This is the second increase in rates of petrol this month while in case of diesel it wipes away a part of the hike effected earlier this month
Petrol price was on Monday hiked by Rs 2.19 a litre and diesel by 98 paise per litre.
Petrol price has been hiked by Rs 1.63 per litre, excluding VAT, with effect from midnight tonight.
Tamil Nadu Petroleum Dealers' Association urged people not to panic-buy petrol or diesel, stating that 14 terminals in Tamil Nadu have enough stock to replenish 7,000-plus retail outlets as per their demand.
A bench of Justice R Y Ganoo and Justice N M Jamdar ordered service of notices to the respondents, who apart from the central ministries also include the oil marketing companies, namely the Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation Ltd.
Amid growing street protest and unease in the party over the steep hike in petrol prices, Congress on Thursday hinted at a partial rollback as Oil Minister S Jaipal Reddy cut short his Turkeministan visit and met Sonia Gandhi's political secretary Ahmed Patel.
BJP leader Mithun Chakraborty has criticised the West Bengal government over high fuel taxes and alleged security lapses, particularly concerning women's safety and border control.
Both sides have now revealed a preference for escalation over strategic defeat, and each new provocation narrows the space for the next pause. The Touska seizure, Iran's refusal to negotiate under blockade, Israel's strikes on Iranian oil infrastructure -- all of these add up to an increasingly untenable situation. This makes the wild card -- Trump and his motormouth -- more consequential than ever, notes Prem Panicker in his must read blog on the Iran War.
Households should moderate large discretionary expenses for the time being.
'They should prioritise essential spending. They should maintain an emergency fund covering 6 to 12 months of expenses.'
Trump has made it clear: the US will not lift its blockade of Iranian ports until a deal is signed.
Indian equity markets experienced a volatile session, with the Sensex and Nifty recovering some ground after a significant plunge the previous day. Gains were driven by PSU bank, IT, and metal stocks, but concerns over rising fuel prices and geopolitical tensions limited the recovery.
The International Energy Agency (IEA) has proposed immediate demand-side measures, including remote work, lower speed limits, and reduced air travel, to mitigate the impact of a global oil supply shock caused by Middle East disruptions.
The Cabinet Committee on Economic Affairs did not take up the issue of hike in petroleum prices on Thursday, Commerce Minister Kamal Nath said.
Grant Thornton Bharat's latest survey indicates that hybrids are set to consolidate market share this festive season, bridging the gap between conventional petrol engines and the emerging electric vehicle segment.
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
Petrol price on Friday was hiked by 30 paise a litre and diesel by 35 paise per litre as domestic fuel prices witnessed possibly the largest rally in rates. The price of petrol in Delhi rose to its highest-ever level of Rs 103.54 a litre and to Rs 109.54 per litre in Mumbai, according to a price notification of state-owned fuel retailers. Diesel rates too touched a record high of Rs 92.12 in Delhi and inched closer to the Rs 100-a-litre mark in Mumbai. It currently costs Rs 99.92 a litre in Mumbai.
Actual reduction in price will be more after taking into account local VAT.
