Petrol, Diesel Prices Raised Nearly 90 Paise Per Litre Again This Week
Second fuel price hike this week raises petrol and diesel costs.
Fuel prices in India were increased for the second time within a week on Tuesday as oil marketing companies raised petrol and diesel rates by nearly 90 paise per litre amid volatility in global crude oil markets linked to the ongoing Iran conflict. The latest revision comes just three days after a steep Rs 3 per litre hike announced on May 15.
Following Tuesday’s increase, petrol prices in Delhi rose by 87 paise to Rs 98.64 per litre, while diesel became costlier by 91 paise and is now retailing at Rs 91.58 per litre. Earlier this month, petrol in the national capital was priced at Rs 94.77 per litre and diesel at Rs 87.67 before the first round of increases took effect.
Other metropolitan cities also witnessed fresh revisions in fuel prices. In Mumbai, petrol prices increased by 91 paise to Rs 107.59 per litre, while diesel climbed by 94 paise to Rs 94.08 per litre. Kolkata recorded the sharpest increase in petrol prices, with rates rising by 96 paise to Rs 109.70 per litre, while diesel touched Rs 96.07 per litre after a 94-paise hike. In Chennai, petrol prices went up by 82 paise to Rs 104.49 per litre and diesel rose by 86 paise to Rs 96.11 per litre.
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Officials and industry observers attributed the continued rise in domestic fuel prices to disruptions in global crude oil supply caused by escalating tensions in West Asia, particularly the Iran conflict. India imports a major portion of its crude oil requirements, making domestic fuel pricing highly sensitive to fluctuations in international oil markets.
Analysts said oil marketing companies had been absorbing higher costs for nearly 10 weeks before the recent revisions.A weakening Indian rupee has also added pressure on fuel import costs. The rupee reportedly slipped to around 96 against the US dollar, increasing the overall import bill for crude oil purchases. Oil companies have passed on part of the increased financial burden to consumers through successive fuel price hikes.
The increase in petrol and diesel prices is expected to affect transportation costs and household expenses across the country. Experts warned that higher fuel rates could push up the prices of essential commodities, public transport fares and logistics services, potentially contributing to inflationary pressures in the coming weeks. Earlier this week, CNG prices in Delhi-NCR were also raised by Rs 1 per kilogram, marking the second increase after a Rs 2 hike announced last Friday.
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