Mumbai: Ending days of intense speculation, the Centre on Friday announced an immediate Rs 3 per litre hike in petrol and diesel prices across the country, marking the first revision in retail fuel rates in nearly four years. The revised prices came into effect immediately from Friday without any transition window. Along with petrol and diesel, the price of CNG was also increased by Rs 2, a move expected to have a wider impact on transportation and household expenses.

In Mumbai, petrol prices climbed to Rs 106.68 per litre after a hike of Rs 3.14, while diesel rates rose by Rs 3.11 to Rs 93.14 per litre. The increase is likely to hit daily commuters, cab and autorickshaw operators, and logistics businesses in the city, where fuel costs directly affect transportation fares and commodity prices.

Among the four major metro cities, Mumbai recorded one of the steepest hikes in petrol prices. In Delhi, petrol prices rose to Rs 97.77 per litre and diesel to Rs 90.67 per litre. Kolkata saw petrol prices increase to Rs 108.74 and diesel to Rs 95.13, while in Chennai, petrol now costs Rs 103.67 and diesel Rs 95.25 per litre.

The hike comes amid mounting pressure on state-run oil marketing companies due to rising global crude oil prices. Earlier in March, Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) had raised the prices of premium petrol and diesel, but rates for regular retail consumers had remained unchanged until now.

According to reports, the three oil companies were collectively absorbing losses of nearly Rs 1,600 crore daily as they continued purchasing crude oil at elevated international prices while avoiding a retail hike. The Centre had reportedly delayed revising fuel prices in an attempt to keep inflation under control, since fuel costs have a cascading impact on transportation, food and essential commodities.

The pressure intensified after conflict in West Asia pushed crude oil prices sharply higher in the global market. India’s crude basket, which averaged around USD 69 per barrel before the Iran conflict escalated in February, later surged to nearly USD 113-114 per barrel in subsequent months.

Earlier, Prime Minister Narendra Modi urged citizens to conserve fuel and adopt work-from-home practices wherever possible to reduce fuel consumption and ease pressure on India’s foreign exchange reserves. Supporting the appeal, Delhi Chief Minister Rekha Gupta announced a 90-day fuel conservation campaign and two days of work-from-home for government offices.

Mumbai, May 14: State-run gas distributor Mahanagar Gas Limited (MGL) has hiked compressed natural gas (CNG) prices across the Mumbai Metropolitan Region (MMR), raising retail rates by Rs 2 per kg.

Following the latest revision, CNG will now cost Rs 84 per kg across Mumbai, Thane, Navi Mumbai and other parts of the MMR with immediate effect.

The fuel was previously priced at Rs 82 per kg. The latest hike comes amid rising input costs and prevailing market conditions.

Reports claim that soon after the increase in CNG prices, auto-rickshaw unions demanded a revision in fares, arguing that repeated fuel price hikes were adversely impacting drivers’ earnings.

Union representatives have sought at least a Re 1 increase in the base fare for auto-rickshaws and urged the authorities to take a decision at the earliest.

According to the unions, the continued rise in operating costs has made it increasingly difficult for drivers to operate vehicles under the existing fare structure.

The latest price revision is expected to impact daily commuters across the Mumbai Metropolitan Region, where CNG remains one of the primary fuels used by auto-rickshaws, taxis and public transport vehicles.

Earlier this month, the government said the country has adequate stocks of petroleum products and that LPG supplies for domestic cooking remain stable.

Meanwhile, shares of Mahanagar Gas Limited traded nearly 3 per cent higher in morning trade on Thursday, touching an intraday high of Rs 1,072 on the BSE. The stock has touched a 52-week high of Rs 1,586 and a 52-week low of Rs 902 on the exchange.

The company reported a net profit of Rs 130 crore for the fourth quarter of FY26, while revenue stood at Rs 2,052 crore.

Mumbai, May 13: Gold and silver prices on Wednesday witnessed a sharp surge of up to 8 per cent after the government more than doubled the import duty on precious metals.

On the Multi Commodity Exchange (MCX), gold futures (June 5) advanced as much as 7.20 per cent or Rs 11,055 to touch an intraday high of Rs 1,64,497 per 10 grams as of 9:50 am.

The yellow metal was trading at Rs 1,62,728, up 6 per cent or Rs 9,286 from the previous close. Earlier in the session, it had opened at Rs 1,54,851, rising 0.91 per cent or Rs 1,409, which also remained the intraday low so far.

Meanwhile, silver futures (July 3) also recorded strong gains during the session, jumping as much as 8 per cent or Rs 22,367 to hit an intraday high of Rs 3,01,429 per kg.

The white metal was trading at Rs 2,97,655, up 6.66 per cent or Rs 18,593 from the previous close. It had opened at Rs 2,90,224, rising 4 per cent or Rs 11,162 over the previous settlement price.

The rally in precious metals came after the Centre’s decision to increase customs duties on imports.

The government has raised the import duty, including cess, on gold and silver from 6 per cent to 15 per cent.

Meanwhile, import duty on platinum has been increased from 6.4 per cent to 15.4 per cent.

Through this move, the government aims to reduce the current account deficit and conserve foreign exchange reserves amid ongoing global uncertainty.

According to government sources, the increase in import duty on precious metals is part of a broader strategy aimed at conserving foreign exchange, safeguarding the current account, prioritising essential imports, and strengthening India’s economic resilience amid global uncertainties.

In the international market, COMEX gold rose 0.52 per cent to $4,710 per ounce, while COMEX silver gained 2.28 per cent to trade at $87.54 per ounce.