Petrol, diesel prices raised by over Rs 2.5 each; fourth hike in less than two weeks
Fuel rates were revised upward again as volatility in global crude oil markets and disruptions linked to the Strait of Hormuz amid the Iran conflict continued to impact oil prices
Fuel prices have gone up again, marking the fourth hike in the last 10 days as tensions linked to the Iran conflict continue to affect global oil markets. After the latest increase of more than Rs 2.5 per litre, petrol prices in Delhi have crossed the Rs 100 mark once again.
State-run oil marketing companies raised petrol prices by Rs 2.61 per litre and diesel by Rs 2.71 per litre. The revisions come as companies attempt to offset losses suffered during the period when domestic fuel rates remained unchanged even as international crude oil prices surged past $100 a barrel.
The latest spike in prices is being linked largely to the escalating situation in West Asia involving the US and Iran, which has disrupted movement through the Strait of Hormuz.
After the fresh revision, petrol in New Delhi is being sold at Rs 102.12 per litre, while diesel prices have climbed to Rs 95.20 per litre.
Commenting on the impact of the West Asia tensions, ONGC Director (Exploration) Sushma Rawat said crude oil prices continue to witness sharp fluctuations because of uncertainty surrounding the conflict.
“Whenever there are signs of a possible peace agreement, crude prices start easing. But once it becomes evident that there is no quick settlement in sight, prices begin rising again,” Rawat told news agency ANI.
She also noted that despite the instability in global crude markets, India has so far managed to shield consumers from bearing the full burden of rising international energy costs.