Petrol and diesel prices were increased once again across the country on Monday, marking the fourth hike in less than two weeks amid rising global crude oil prices and continued tensions in West Asia.
Oil marketing companies raised petrol prices by Rs 2.61 per litre and diesel prices by Rs 2.71 per litre. Following the latest revision, petrol prices in Delhi crossed the Rs 100-per-litre mark to reach Rs 102.12 per litre, while diesel prices climbed to Rs 95.20 per litre.
The latest increase comes after a series of fuel price hikes earlier this month. Prices were first raised by around Rs 3 per litre on May 15, followed by another increase of nearly 90 paise on May 19 and around 91 paise on May 23.
With Monday’s revision, cumulative hikes in petrol and diesel prices have crossed Rs 7.5 per litre within just two weeks.
The repeated hikes have been attributed to volatility in global crude oil markets due to escalating geopolitical tensions in West Asia and concerns over disruptions in international oil supply routes.
Rising import costs and pressure on oil marketing companies have also contributed to the increase in domestic fuel prices.
The latest hike is expected to push up transportation and logistics costs, adding further pressure on household budgets and raising concerns about inflation in the coming weeks.
