Fuel Price Hike: Petrol and Diesel Rates Jump Overnight; Check Latest Prices in Your City

The escalating US-Iran conflict is now impacting everyday life in India, as fuel prices surge and panic buying spreads across cities. With fears over disrupted global oil supply rising, concerns are growing that this may turn into a much larger economic crisis.

People across the country woke up on Friday morning to some bad news that has hit their monthly budgets hard. The growing conflict between the US and Iran has disrupted global oil supplies, causing a sudden spike in petrol and diesel prices in India. According to the new rates announced by the government, petrol has become costlier by nearly Rs 3 per litre, touching Rs 97.77, while diesel is now at Rs 90.67 per litre.

Long queues at petrol pumps since midnight

As soon as the new prices came into effect, long queues were seen at petrol pumps in major cities like Delhi, Mumbai, Kolkata, and Chennai. Fearing shortages due to rumours, many people rushed to get their tanks filled. Videos of long lines of vehicles late into the night went viral on social media, adding to the fears of a possible fuel crisis.

Here are the new fuel prices:

• Regular Petrol: Rs 97.91 per litre (up from Rs 94.77)
• Premium Petrol: Rs 105.14-107.14 per litre (up from Rs 102-104)
• Regular Diesel: Rs 90.78 per litre (up from Rs 87.67)

Petrol price per litre in the 4 metro cities:

• Delhi: Rs 97.77 (+3.00)
• Kolkata: Rs 108.74 (+3.29)
• Mumbai: Rs 106.68 (+3.14)
• Chennai: Rs 103.67 (+2.83)

HSD (Diesel) prices (in Rs per litre):

• Delhi: Rs 90.67 (+3.00)
• Kolkata: Rs 95.13 (+3.11)
• Mumbai: Rs 93.14 (+3.11)
• Chennai: Rs 95.25 (+2.86)

Since Thursday, long queues were seen at petrol pumps in many cities, with people panic buying amidst rumours of a fuel shortage. Before this hike in retail fuel prices, the government had increased the prices of premium petrol in March.

Why did the prices go up? The real reason

According to government sources, oil companies were losing over Rs 1000 crore daily due to the sharp rise in international crude oil prices and pressure on the supply chain. The Finance Ministry was not in a position to bear this increasing burden for long. Experts believe the real worry is the Strait of Hormuz. It's one of the world's most important oil routes. If this route gets affected, global oil supply could face a serious crisis. The rising military tension between the US and Iran has made this threat very real.

Is this just the beginning?

Energy market analysts say that if tensions in West Asia escalate further, fuel prices in India could go even higher in the coming weeks. This could have a direct impact on transport, food items, airfares, and everyday essentials. Freight companies in several states have already hinted at levying extra charges. This has raised fears of a new wave of inflation.

The biggest questions on people's minds

Will the government provide some relief by cutting taxes? Will the oil supply stay normal? And most importantly, has this global conflict become the new face of an economic crisis? For now, the long queues at petrol pumps and the growing anxiety in the market suggest that the coming days could be challenging, not just for fuel, but for the entire economy.