Petrol Breaches Rs 100 In Delhi As Fuel Prices Rise For Fourth Time In 11 Days

Petrol and diesel prices have increased across major cities on Monday as oil marketing companies revised fuel rates amid continued pressure from rising crude oil prices linked to the ongoing Iran war.

Petrol prices in Delhi crossed the Rs 100-per-litre mark after an increase of Rs 2.61 per litre, while diesel prices were raised by Rs 2.71 per litre. The latest revision marks the fourth fuel price hike within 11 days and comes at a time when households are already dealing with inflation and higher living costs.

Fuel Prices Hike Across Major Cities

Following the latest hike, petrol in Delhi now costs Rs 102.12 per litre, while diesel is priced at Rs 95.20 per litre.

Petrol price in Kolkata was increased by Rs 2.87 to Rs 113.51 per litre. Mumbai recorded a Rs 2.72 rise, taking petrol prices to Rs 111.21 per litre. In Chennai, petrol prices were raised by Rs 2.46 and now stand at Rs 107.77 per litre.

Diesel prices also increased across cities. In Kolkata, diesel now costs Rs 99.82 per litre after a hike of Rs 2.80. Mumbai diesel prices rose by Rs 2.81 to Rs 97.83 per litre, while Chennai recorded a Rs 2.57 increase, taking diesel prices to Rs 99.55 per litre.

The previous fuel price revision was announced on May 23, when petrol prices were increased by 87 paise and diesel prices by 91 paise. CNG prices in Delhi were also raised by Re 1 per kg to Rs 81.09 on the same day.

Increased Fuel Costs Could Hike Daily Expenses

The additional hike in fuel prices may further push transportation and logistics costs up. Due to the extensive use of diesel for goods transportation, there is a possibility that increased price of fuel will lead to rise in the cost of essential commodities like vegetables, milk, packaged food and other day-to-day objects.

The continuous increases are likely to have an impact on household budgets, making commuting and delivery costs more expensive. Companies that rely on transportation might also incur additional expenses.

Fuel Prices Rise Due To Global Oil Supply Concerns

The latest fuel price increase comes amid concerns over disruptions in global oil supply due to the ongoing West Asia crisis. In recent weeks, crude oil prices have been rising due to tensions over the Strait of Hormuz, an important passage for oil transport.

Petrol and diesel had been sold at older rates while crude oil was bought at higher price by oil marketing companies. But as the squeeze on company finances continued, the latest rise in petrol pricing was inevitable.

Fuel prices had stayed mostly unchanged since April 2022. The prices were also slashed by Rs 2 per litre ahead of the Lok Sabha polls in 2024.

FAQs

1. Why did fuel prices increase again?

   Fuel prices were increased due to rising global crude oil prices and supply concerns linked to the ongoing Iran war and disruptions around the Strait of Hormuz.

2. What are the latest petrol and diesel prices in Delhi?

   After the latest hike, petrol in Delhi costs Rs 102.12 per litre, while diesel is priced at Rs 95.20 per litre.

3. How can higher fuel prices impact households?

   Higher fuel prices can increase transportation and logistics costs, which may raise prices of essential goods and daily commuting expenses.