Petrol and diesel prices in India saw another increase on Saturday, marking the third rise in retail fuel rates within just 10 days. State-owned oil marketing companies raised petrol prices by Rs 0.87 per litre and diesel prices by Rs 0.91 per litre. This surge is attributed to the impact of escalating global crude oil prices and ongoing geopolitical tensions in West Asia on international energy markets.
In Delhi, petrol prices rose from Rs 98.64 to Rs 99.51 per litre, while diesel prices climbed from Rs 91.58 to Rs 92.49 per litre. This uniform price adjustment is part of a nationwide trend affecting various cities across the country. Kolkata now has petrol priced at Rs 110.64 per litre and diesel at Rs 97.02 per litre post the latest hike.
Meanwhile, in Mumbai, petrol prices surged to Rs 108.49 per litre, and diesel prices reached Rs 95.02 per litre. The consecutive price hikes are causing concerns among daily commuters, transport operators, and businesses already grappling with escalating operational expenses.
The Ministry of Petroleum and Natural Gas reassured the public about sufficient petrol and diesel supplies just a day before the latest price revision. It emphasized stable fuel availability nationwide and urged citizens to avoid panic buying or unnecessary crowding at fuel stations. The ministry assured that any temporary pressure at select retail outlets is being managed through continuous monitoring and coordinated distribution efforts by oil marketing companies.
The government officials underscored that the price revisions are essential to counterbalance increasing import costs and ensure fuel supply stability amid the volatile global crude oil markets and ongoing geopolitical tensions. Experts caution that the continuous surge in fuel prices could have a domino effect on the economy, potentially escalating transportation and logistics expenses, leading to inflationary pressures on essential goods and services.
