Amidst the ongoing conflict in the Middle East, fuel prices in the country have been hiked for the second time within a single week. On Tuesday, oil companies raised the prices of petrol and diesel by approximately 91 paise per liter. This increase follows the previous hike of ₹3 per liter that took place on Friday (May 15).
Notably, following the previous hike, the price of petrol in Delhi had risen from ₹94.77 to ₹97.77 per liter, while the price of diesel had increased from ₹87.67 to ₹90.67 per liter.
Now, following the fresh hike on Tuesday, petrol in the national capital has become dearer by another 87 paise and is currently retailing at ₹98.64 per liter. The price of diesel in Delhi has also gone up by 91 paise, reaching ₹91.58 per liter.
Price Hikes in Major Cities Across the Country
Apart from Delhi, other major metropolitan cities have also witnessed a rise in fuel prices. In Mumbai, the price of petrol has increased by 91 paise to reach ₹107.59 per liter, while the price of diesel has gone up by 94 paise to ₹94.08 per liter.
In Kolkata, petrol prices saw the steepest hike of 96 paise, taking the rate to ₹109.70 per liter, while the price of diesel rose by 94 paise to reach ₹96.07 per liter.
In Chennai, petrol has become costlier by 82 paise—bringing its price to ₹104.49 per liter—and the price of diesel has increased by 86 paise to reach ₹96.11 per liter. Petrol Prices:
Delhi – 87 paise – ₹98.64
Mumbai – 91 paise – ₹107.59
Kolkata – 96 paise – ₹109.70
Chennai – 82 paise – ₹104.49
Diesel Prices:
Delhi – 91 paise – ₹91.58
Mumbai – 94 paise – ₹94.08
Kolkata – 94 paise – ₹96.07
Chennai – 86 paise – ₹96.11
Previous Hike of ₹3
It is worth noting that the ongoing conflict in Iran has disrupted the global oil supply. The previous hike of ₹3 was not sufficient to fully offset the losses incurred by Oil Marketing Companies (OMCs).
These companies had been selling fuel at old rates for nearly 10 weeks, even as their operational costs continued to rise. When their losses began to mount significantly, the prices of petrol and diesel were raised last week.
Rising Concerns Over Inflation
It should be noted that a hike in petrol and diesel prices has a direct impact on the cost of all daily-use commodities. Small traders, those involved in the transport business, people dependent on public transport, and daily commuters using their private vehicles will have to bear the direct brunt of this price hike.
As fuel becomes more expensive, the operating costs for buses, taxis, and freight transport increase, which, in turn, can lead to a rise in the prices of other essential goods.
Experts suggest that if crude oil prices in the international market continue to rise in this manner, petrol and diesel could become even more expensive in the coming days, thereby heightening concerns regarding rising inflation.
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