Petrol and diesel prices were increased again on Monday, marking the fourth hike in less than two weeks as state-run oil marketing companies continue to face mounting pressure from rising global crude oil prices amid escalating tensions in West Asia.
Petrol prices were raised by Rs 2.61 per litre, while diesel prices increased by Rs 2.71 per litre across major cities. The latest revision comes just two days after fuel rates were increased by up to 91 paise per litre on Saturday. Earlier, petrol and diesel prices had gone up by around Rs 3 per litre on May 15 and another 90 paise on May 19.
With the latest revision, petrol in Delhi is now priced at Rs 102.12 per litre, while diesel costs Rs 95.20 per litre. Since fuel price revisions resumed after a gap of nearly four years, petrol and diesel prices have cumulatively risen by around Rs 7.50 per litre.
It is being said the hikes are aimed at partially offsetting the financial burden on public sector oil marketing companies, which have been absorbing higher import costs due to disruptions in global energy markets.
The ongoing conflict in West Asia has significantly affected global crude oil supply chains. Of particular concern is the closure of the Strait of Hormuz, one of the world’s most strategically important maritime oil routes. Nearly one-fifth of global oil shipments pass through the narrow waterway, making it critical for energy-importing nations such as India.
Analysts warn that continued geopolitical tensions and disruptions in oil transit routes could keep international crude prices elevated, potentially leading to further increases in domestic fuel prices in the coming weeks. Rising fuel costs are also expected to add to inflationary pressures and increase transportation and agricultural input costs across the country.