State-run fuel retailers on Saturday raised petrol prices by 87 paise and diesel rates by 91 paise. The latest hike pushes petrol prices in Delhi to ₹99.51 per litre, while diesel will cost ₹92.49 per litre, HT has found.Petrol, diesel prices rose again. (Representational)Check city-wise rates:Retail selling prices of petrol and diesel across the four major metros for May 23:MetroPetrol ( ₹/Litre)Diesel ( ₹/Litre)Delhi99.51 (+0.87)92.49 (+0.91)Kolkata110.64 (+0.94)97.02 (+0.95)Mumbai108.49 (+0.90)95.02 (+0.94)Chennai105.31 (+0.82)96.98 (+0.87)Why the rates have increasedThis is the third increase this month as the Centre moves to recover losses caused by surging crude oil prices amid the US war on Iran. The surge comes as global crude prices remain elevated due to tensions in West Asia and concerns over supply disruptions after Iran closed the Strait of Hormuz following US-Israeli strikes.India, which imports more than 88% of its crude oil requirements, remains highly vulnerable to geopolitical disruptions and currency fluctuations. The rupee has weakened nearly 6% against the US dollar since the beginning of the year. The current exchange rate is ₹95.6 per dollar. ₹5 increased in a weekPrices were first hiked by ₹3 a litre on May 15, followed by an increase of around 90 paise on May 19. With Saturday’s revision, fuel rates have now risen by almost ₹5 per litre in just over a week.The three state-run oil marketing companies -- Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited -- earlier cited daily revenue losses of nearly ₹1,000 crore on the sale of petrol, diesel and cooking gas due to elevated global crude prices.Industry executives said the latest increase may reduce some of the pressure on retailers, but oil marketing companies are still estimated to be incurring losses of ₹9-12 per litre on fuel sales. Analysts expect further price hikes if international crude prices remain elevated.