Petrol-Diesel Price: Petrol-Diesel prices increased again, oil shock for the fourth time in 15 days, will the rates increase further?

Petrol-Diesel Price Hike: On Monday, May 25, oil marketing companies have made another big increase in fuel prices. This is the fourth time within the last two weeks that the prices of petrol and diesel have been increased. After this latest increase, the price of petrol in the country’s capital Delhi has touched the mark of Rs 100, which is expected to have a direct impact on the daily budget.

After the latest revision, the price of petrol in the country’s capital Delhi has increased by Rs 2.61 per liter to Rs 102.12. Similarly, the price of diesel has also been increased by Rs 2.71 per liter, after which one liter of diesel in Delhi will now cost Rs 95.20. According to the oil companies, after keeping the prices stable for the last 76 days, it had become necessary to take this step to compensate for the losses due to rising prices of crude oil in the international market.

Outcry in global market due to closure of Strait of Hormuz

The main reason behind this sudden rise in fuel prices is the increasing tension between America and Iran in West Asia. The conflict has led to the closure of the world’s most important oil route, the Strait of Hormuz, disrupting global oil supplies.

International crude oil prices have crossed $100 per barrel, which is directly impacting an import-dependent economy like India. According to ONGC Director Sushma Rawat, until there is hope for a peace agreement in the region, this fluctuation in prices may continue.

Petrol crosses Rs 110 in Kolkata and Mumbai

After this latest increase, fuel prices are skyrocketing in other major metros of the country too:

• Kolkata: Here petrol has increased by Rs 2.87 and diesel by Rs 2.80, due to which petrol is now priced at Rs 113.51 and diesel at Rs 99.82 per liter.
• Mumbai: In Mayanagari, the price of petrol has increased by Rs 2.72 to Rs 111.21 and diesel to Rs 97.83 per liter.
• Chennai: Here petrol is being sold at the price of Rs 107.77 and diesel at Rs 99.55 per liter.

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Oil companies claim that they were incurring losses of around Rs 1000 crore every day, which was not possible to bear for long, so now the burden of this increasing cost is being passed on to the consumers. If the international situation does not improve in the coming days, then further increase in prices may be seen.