Petrol, diesel prices rise again as West Asia conflict triggers third fuel hike in 10 days
India witnessed its third fuel price hike in less than 10 days, with petrol prices nearing Rs 100 in Delhi amid continuing turmoil in global oil markets.
India witnessed its third fuel price hike in less than 10 days, with petrol prices nearing Rs 100 in Delhi amid continuing turmoil in global oil markets.
Oil companies raised petrol, diesel and CNG prices as mounting crude oil costs and the West Asia conflict intensified pressure on India’s fuel retailers.
The Indian stock market witnessed a sharp selloff on Monday amid weakening investor sentiment.
Gold and silver prices traded higher on Thursday, with prices rising by up to 1 per cent amid a rise in crude oil prices and uncertainty surrounding the US-Iran peace deal.
Global crude oil prices declined almost 3 per cent on Monday after US President Donald Trump said Washington would take steps to help clear vessels stranded in the Strait of Hormuz, though the lack of a breakthrough in US-Iran talks kept prices above the $100-mark.
Airlines and businesses face rising fuel costs as jet fuel and commercial LPG prices climb, while the government reassures that supply levels remain stable nationwide.
India’s dependence on imported oil means global conflicts often end at the fuel pump.
Brent crude prices have surged sharply by over 60 per cent since the onset of the US-Iran-Israel conflict, rising to around USD 112 per barrel on Monday from approximately USD 70 per barrel earlier, reflecting severe disruptions in global energy supply.
PM Modi asked for proper coordination with state governments to ensure no black-marketing and hoarding of important commodities.
A sharp rise in crude oil prices could push global inflation higher and slow down global economic growth in 2026, according to Gita Gopinath, former Chief Economist of the International Monetary Fund (IMF).
