New Delhi, May 26 -- State-run oil companies on Monday raised petrol prices by Rs.2.61 per litre and diesel prices by Rs.2.71 a litre, the fourth-rate hike in two weeks that cumulatively saw petrol and diesel becoming costlier by Rs.7.35 and Rs.7.53 per litre, respectively since May 15. The latest price revision came at a time when international oil prices fell below $100 a barrel. Benchmark Brent crude fell by 5.69% to $97.65 per barrel in intraday trade on Monday (4pm) from $103.54 a barrel on Friday. Industry executives and sector analysts say the incremental hike cycle is unlikely to end soon as the three state-run oil marketing companies (OMCs) are not only recovering current revenue losses on petrol and diesel, but also recouping their past under-recoveries of auto fuels and cooking gas. Petroleum ministry's joint secretary Sujata Sharma on Monday said the initial daily losses of OMCs were to the tune of Rs.1,000 crore (before first price hike on May 15), which is reduced to "slightly less than Rs.600 crore" after price hikes. Sharma did not disclose per litre under-recoveries on individual fuel products such as petrol and diesel. According to experts, this loss figure includes huge revenue losses on liquefied petroleum gas (LPG or cooking gas) also and not just on the two auto fuels. Under a transparent pricing mechanism of individual petroleum products, current under-recoveries on petrol and diesel would not be more than Rs.10-13 each, they said. After the fourth price hike on Monday, pump prices of petrol in Delhi crossed Rs.100-mark for the first time after four years. Last time petrol crossed Rs.100 in Delhi was May 21, 2022 (at Rs.105.41 per litre). That day, diesel was priced at Rs.96.67. According to available data, an all-time high petrol price was recorded at Rs.110.04 per litre on November 2, 2021, and for diesel, it was Rs.98.42 on November 1, 2021. The latest price increase raised pump prices of petrol at Rs.102.12 per litre and diesel Rs.95.20 a litre in Delhi. Across metros, petrol has risen to Rs.113.51 in Kolkata (up Rs.2.87), Rs.111.21 in Mumbai (up Rs.2.72), and Rs.107.77 in Chennai (up Rs.2.46). Diesel is Rs.95.20 per litre in Delhi, Rs.99.82 in Kolkata, Rs.97.83 in Mumbai, and Rs.99.55 in Chennai, with increases of Rs.2.71 per litre, Rs.2.80, Rs 2.81, and Rs.2.57 respectively. Variations in local levies account for city-to-city differences. According to company executives and sector experts, a fifth fuel price hike is expected unless Brent stabilises below $100 a barrel - and, in the best-case scenario analysts cite, closer to $70. The increases follow the same incremental pattern as April 2022, when pump prices rose by roughly Rs.9 per litre in daily 80 paise steps in the aftermath of Russia's invasion of Ukraine. That revision took just over a week. The current cycle has moved at a comparable pace, though the under-recovery gap is larger and the crude price environment remains more volatile. International oil prices are, however, softening since the first price hike on May 15. Brent crude closed at $103.54 on Friday from the $109.26 the day of first hike, registering over 5% decline. Since the conflict broke out on February 28, Brent rose roughly 42% from $72.87 as on Friday. The declining trend continues on Monday. India imports over 88% crude oil it processes and pays in dollar, hence rupee depreciation has been also a drag. However, the rupee gained for a second consecutive session on Friday, closing at Rs.95.60 per dollar, helped by softening crude and anticipation of monetary policy intervention. The hike comes against a striking financial backdrop. Despite absorbing the full impact of the West Asia conflict in the January-March 2026 quarter (the crisis began on March1), the three OMCs posted a combined net profit of Rs 19,470 crore - a 40.74% rise over the same period last year. For the full year 2025-26, their combined net profit surged 130% to Rs 77,280.65 crore, from Rs.33,601.57 crore in 2024-25, on the back of stable crude prices and healthy refining margins for much of the year before the conflict erupted. IOC and HPCL posted strong quarterly profits; BPCL's remained flat. Shares of oil marketing companies, including BPCL and HPCL, ended higher on Monday, following a sharp correction in crude oil prices and a fresh hike in petrol and diesel prices. Brent crude, the primary benchmark for global oil prices, fell more than 5 per cent after the US and Iran agreed in principle to reopen the Strait of Hormuz. Shares of Bharat Petroleum Corporation Ltd (BPCL) climbed 4.30 per cent to end at Rs 308.25 on the BSE. During the day, the stock advanced 4.55 per cent to hit an intraday high of Rs 309. Hindustan Petroleum Corporation Ltd (HPCL) stock settled at Rs 403.40, up 3.52 per cent, on the BSE. During the day, it jumped 5.86 per cent to hit the day's high of Rs 412.55. Indian Oil Corporation (IOC) rallied 3.15 per cent to Rs 143.90. Intraday, the company's stock advanced 4.15 per cent to Rs 145.30. Brent crude, the global oil benchmark, tanked 5.53 per cent to USD 97.81 per barrel. Petrol prices were raised by Rs 2.61 a litre and diesel by Rs 2.71 on Monday, the fourth increase in less than two weeks that extended a delayed pass-through of soaring global crude oil costs triggered by the Iran conflict. Global crude oil prices had surged more than 50 per cent since late February following US-Israeli strikes on Iran and disruptions to shipping through the Strait of Hormuz....