Bhubaneswar: Petrol and diesel prices have been increased once again across India, marking the fourth fuel price hike in the last two weeks as state-run oil marketing companies continue revising rates amid rising global crude oil prices and mounting financial pressure.
With the latest revision, petrol prices have gone up by ₹2.61 per litre, while diesel prices have increased by ₹2.71 per litre. The cumulative hike over the past two weeks has now reached nearly ₹7.50 per litre.
Following the latest increase, petrol in New Delhi is being sold at ₹102.12 per litre, while diesel prices have risen to ₹95.20 per litre.
Industry officials attributed the continued increase primarily to volatility in international crude oil markets caused by the ongoing tensions and conflict involving the United States and Iran in West Asia. Concerns over the possible closure of the strategically important Strait of Hormuz — a major global oil transit route — have further intensified uncertainty in energy markets.
Speaking on the situation, Sushma Rawat said crude oil prices have remained highly volatile due to the uncertain geopolitical environment.
“Whenever there is an announcement of a peace accord, crude prices begin to fall. But when it becomes clear that there is no immediate resolution, prices rise again,” Rawat said while speaking to ANI.
She added that India had attempted to shield consumers from the full impact of global price fluctuations for nearly 76 days by keeping domestic fuel prices unchanged despite rising international crude costs.
“The government has given relief to the people for 76 days, during which the price has not increased. The price has increased because the oil marketing companies were taking a hit of almost ₹1,000 crore a day. How long do you sustain that?” she said.
Meanwhile, global crude oil prices witnessed a sharp decline of more than five per cent amid renewed hopes of a possible peace agreement between the United States and Iran, although uncertainty continues to persist.
North Sea Brent Crude reportedly fell by 5.1 per cent to around USD 98.22 per barrel, while West Texas Intermediate (WTI) crude dropped 5.2 per cent to nearly USD 91.57 per barrel before recovering slightly during later trading sessions.
Analysts said fuel prices in India are likely to remain sensitive to global geopolitical developments and fluctuations in international crude oil markets in the coming weeks.
-OdishaAge
