Petrol and diesel prices saw another rise on Monday, the fourth such rise in less than two weeks amid uncertainty caused by the US-Iranian 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 increased by Rs. 2.71 in Delhi from $92.49 L $95.20.
State-run oil marketing companies on Saturday raised petrol and diesel prices by about $1 per liter, which is the third such increase in eight days since it was first increased 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 increased by Rs. 2.72 to Rs. 111.21. Chennai saw petrol prices rise by Rs. 2.46 and now stands at Rs. 107.77.
As far as diesel in the other three metros is concerned, the prices have been increased by Rs. 2.80 and Rs. 2.81 in Kolkata and Mumbai respectively, taking the new tally to Rs. Rs 99.82 and Rs 97.83 respectively. Diesel prices in Chennai have been hiked by Rs. 2.57, with the new balance now at Rs. 99.55.
The increase in retail fuel prices on May 15 was the first since April 2022, when prices were raised in the wake of Russia’s war in Ukraine. Between late March and April 6, 2022, pump prices increased by approx $9 per litre, often in daily increments of around 80 paise.
The pressures on market management companies reflect India’s exposure to the West Asian crisis. India imports more than 88% of the crude oil it processes and pays in dollars, making it doubly vulnerable to rising oil prices and currency depreciation.
