The prices of petrol and diesel have seen another hike on Monday, fourth such hike in less than two weeks amid uncertainties stemming out of the US-Iran conflict in West Asia and the closure of the Strait of Hormuz.
According to the latest information, petrol prices have been increased by Rs. 2.61 in Delhi from ₹99.51 to Rs. 102.12, while diesel prices have been increased by Rs. 2.71 in Delhi from ₹92.49 to ₹95.20.
State-run oil marketing companies (OMCs) had on Saturday raised petrol and diesel prices by nearly ₹1 per litre each, the third such hike in eight days since they were increased for the first time on May 15.
Now after the fourth hike, petrol prices in Kolkata have been hiked by Rs. 2.87 to Rs. 113.51, while prices in Mumbai have gone up by Rs. 2.72 to Rs. 111.21. Chennai has seen petrol prices go up by Rs. 2.46 and now stand at Rs. 107.77.
As far as diesel is concerned in the other three metros, rates have been increased by Rs. 2.80 and Rs. 2.81 in Kolkata and Mumbai respectively, taking the fresh tally to Rs. 99.82 and Rs.97.83 respectively. Diesel rates in Chennai have been hiked by Rs. 2.57, with fresh tally now at Rs. 99.55.
The increase in retail fuel prices on May 15 was the first since April 2022, when rates were raised in the aftermath of Russia’s war in Ukraine. Between late March and April 6, 2022, pump prices rose by roughly ₹9 per litre, often through daily increases of around 80 paise.
The pressure on OMCs reflects the scale of India’s exposure to the West Asia crisis. India imports over 88% of the crude oil it processes and pays in dollars, making it doubly vulnerable to both oil price spikes and currency depreciation.
