Oil marketing companies on Friday announced a hike of ₹3 per litre in petrol and diesel prices, leading to a fresh increase in fuel costs across the country, including in Belagavi.
The revised rates came into effect immediately amid rising global crude oil prices triggered by the ongoing conflict in West Asia.
With the latest revision, petrol prices in Belagavi have raised to around ₹106.00 per litre, while diesel prices are likely to touch nearly ₹93.97 per litre, based on recent local fuel rates before the hike.
Officials stated that the latest increase is only a fraction of the actual rise needed to fully offset the sharp surge in international crude oil prices. The Centre has maintained that there is no fuel shortage in the country and no proposal to ration petrol, diesel, or LPG despite disruptions in global energy supply routes linked to the Iran conflict and the Strait of Hormuz crisis.
Why the Fuel Price Hike Was Considered Inevitable
Retail fuel prices had largely remained unchanged since April 2022, except for a ₹2 per litre reduction announced in March 2024 ahead of the Lok Sabha elections.
Public sector oil companies — Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited — had suspended daily fuel price revisions in 2022 to protect consumers from the impact of soaring crude oil prices following the Russia-Ukraine war.
However, renewed geopolitical tensions in West Asia have once again pushed global crude oil prices sharply upward. India’s crude oil basket, which averaged around $69 per barrel in February, has now reportedly surged to nearly $113-114 per barrel.
