Petrol, Diesel Prices Hiked By Nearly 90 Paise Per Litre, Second Time In A Week

Petrol, Diesel Price Hike: Fuel prices in the country have been hiked for the second time within a week amid the ongoing Iran war. Oil companies on Tuesday increased the prices of petrol and diesel by around 90 paise per litre.

This comes just three days after the previous hike of Rs 3 per litre on Friday (May 15). Following the previous hike, petrol in Delhi went up from Rs 94.77 to Rs 97.77 per litre, while diesel rose from Rs 87.67 to Rs 90.67 per litre.

Now, with Tuesday’s revision, petrol in the national capital has become costlier by another 87 paise and is being sold at Rs 98.64 per litre. Diesel in Delhi has also increased by 91 paise and has reached Rs 91.58 per litre.

Petrol, Diesel Price In Your City

Apart from Delhi, other major metropolitan cities have also witnessed a rise in fuel prices. In Mumbai, petrol has gone up by 91 paise to Rs 107.59 per litre, while diesel has increased by 94 paise to Rs 94.08 per litre. In Kolkata, petrol saw the highest hike of 96 paise, reaching Rs 109.70 per litre, while diesel rose by 94 paise to Rs 96.07 per litre. In Chennai, petrol has become costlier by 82 paise, taking it to Rs 104.49 per litre, and diesel has increased by 86 paise to Rs 96.11 per litre.

Notably, the ongoing conflict in Iran has disturbed global oil supply. The earlier Rs 3 increase does not fully cover the losses of the oil marketing companies (OMCs). The companies had been selling fuel at old rates for nearly 10 weeks even as their costs kept rising. When their losses became unsustainable, the prices of petrol and diesel were raised last week.

The hike in petrol and diesel rates has a direct impact on the price of all daily-use commodities. Small traders, people in transport business, people who rely on public transportation, and those who use their own transport daily will bear the direct impact of the hike.

As fuel becomes more expensive, the cost of buses, taxis, and transportation increases, which in turn may push up the prices of other essential goods as well. Experts say that if crude oil prices continue to rise in the international market, petrol and diesel could become even more expensive in the coming days, raising concerns about higher inflation.

Fuel Price Hike: Iran War Behind The Surge

The ongoing conflict in West Asia is disrupting the global supply of crude oil. As a result, prices in the international market remain volatile. Since India imports a large portion of its fuel requirements, any fluctuation in the global market directly impacts fuel prices in the country.