Petrol, diesel prices hiked again; petrol crosses Rs 100 in Delhi

Petrol and diesel prices were hiked for the fourth time in two weeks, with petrol crossing the Rs 100 mark in Delhi to retail at Rs 102.12/litre. Similar increases were seen in Mumbai, Kolkata, and Chennai amid global crude oil volatility.

Petrol and diesel prices were hiked once again on Monday, marking the fourth increase in less than two weeks amid continued volatility in global crude markets and ongoing geopolitical tensions in West Asia. Following the latest revision, petrol prices in Delhi crossed the Rs 100-mark, rising by Rs 2.61 to Rs 102.12 per litre, while diesel prices increased by Rs 2.71 to Rs 95.20 per litre.

Fuel Prices in Major Metros

Similar hikes were witnessed across major metropolitan cities, including Kolkata, Mumbai and Chennai, adding to the burden on consumers and transport operators. In Kolkata, petrol prices increased by Rs 2.87 to Rs 113.51 per litre, while diesel rose by Rs 2.80 to Rs 99.82 per litre. In Mumbai, petrol became costlier by Rs 2.72 and is now priced at Rs 111.21 per litre, whereas diesel climbed by Rs 2.81 to Rs 97.83 per litre. In Chennai, petrol prices rose by Rs 2.46 to Rs 107.77 per litre and diesel increased by Rs 2.57 to Rs 99.55 per litre.

Public Reacts to Price Hike

Reacting to the repeated hikes, a buyer said, "We are very upset. They are not even giving diesel in many places. This should be discussed. Taxi drivers will face more problems. The rate of diesel should be decreased." Another buyer said, "It is fine. The government should do whatever is required to save the country. It is because of Israel war." A third commuter added, "It is tough for the common man. This impacts everything. We will see what the government can do regarding this."

Fourth Hike in Two Weeks

The latest revision comes after three successive hikes in recent days. On May 15, petrol and diesel prices were increased by Rs 3 per litre each. This was followed by another increase on May 19, when fuel prices were raised by 90 paise per litre. On May 23, petrol prices rose by 87 paise per litre, while diesel prices were increased by 91 paise per litre, making the current revision the fourth hike in less than two weeks.

CNG Prices Also Increased

Meanwhile, Compressed Natural Gas (CNG) prices in Delhi were also increased earlier on Saturday by Rs 1 per kg, marking the third hike in just 10 days. Following the latest revision, CNG now costs Rs 81.09 per kg in the national capital, further adding to the financial burden on daily commuters and transport operators.

Reasons Behind the Fuel Price Surge

The repeated fuel price hikes come amid sustained pressure on oil marketing companies due to elevated global crude oil prices, fluctuations in currency exchange rates and concerns over supply disruptions linked to the ongoing tensions in West Asia.

A major concern remains the instability in the region and its impact on global oil supply routes, particularly the Strait of Hormuz, a key maritime corridor through which a substantial share of global crude oil shipments pass. Any disruption or perceived threat in the region generally leads to a sharp rise in international oil prices.

Economic Impact of Fuel Hikes

The continued hikes in petrol, diesel and CNG prices are likely to increase logistics and transportation costs further, potentially triggering a cascading effect on retail inflation and impacting household budgets as well as commercial transport sectors across the country. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)