Fuel prices have been increased for the fourth time in a span of two weeks across India. State-owned oil marketing companies raised petrol prices in Delhi by Rs 2.61 per litre and diesel prices by Rs 2.71 per litre. This latest revision brings petrol to Rs 102.12 per litre from Rs 99.51 and diesel to Rs 95.20 per litre from Rs 92.49.
This hike follows a previous increase just two days ago, with petrol rising by Rs 0.87 per litre and diesel by Rs 0.91 per litre. The consecutive hikes are attributed to the sustained pressure from rising global crude oil prices and ongoing geopolitical tensions in West Asia, impacting international energy markets and domestic fuel costs.
The back-to-back fuel price increases are expected to affect transportation costs and household expenses, particularly in urban areas heavily reliant on road transport. This has raised concerns among daily commuters, transport operators, and businesses already grappling with escalating operational expenses.
The Ministry of Petroleum and Natural Gas has assured the public of sufficient petrol and diesel supplies in India. It emphasized the stable fuel availability nationwide and urged citizens to avoid panic buying or unnecessary crowding at fuel stations. The ministry highlighted continuous monitoring and coordinated distribution efforts by oil marketing companies to address any temporary pressure at select retail outlets.
Fuel prices had seen a significant upward revision on May 16, with petrol and diesel rates surging by around Rs 3 per litre in various cities due to adjustments by state-run oil companies. Experts caution that the continued fuel price hikes could have economic repercussions, potentially increasing transportation and logistics costs, leading to inflationary pressures on essential goods and services.
