Fuel price hike: Petrol rates raised by ₹2.61, diesel up by ₹2.71

Petrol and diesel prices were hiked yet again on Monday, May 25. In this latest tranche of hikes, the price of petrol has been hiked by ₹2.61 per litre. The diesel, meanwhile, has been hiked by ₹2.71 per litre.

In the past week, the price of petrol has increased by ₹4.35 per litre. and when it comes to diesel, the weekly hike amounts to ₹4.53 per litre

This comes at a time when the global oil space has been in the middle of a turmoil that engulfed the supply chain, with the price of Brent Crude hovering above $100 mark.

The government was said to be bearing losses of about 24 per litre on petrol and 30 per litre on diesel during the height of the crude rise. Sources claim that although significant under-recoveries are still being absorbed, the May 15 and May 19 price modifications are estimated to have decreased OMC losses by about 25%.