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.
Further, sources said that some other countries are also likely to come with such measures to cool off crude oil prices in the international market.
On the Multi Commodity Exchange, CRUDE oil for the October delivery dropped by Rs 154, to Rs 5,662 per barrel with a business volume of 8,389 lots.
Inflation in food articles in March was 3.24 per cent as prices of pulses, fruits and paddy hardened.
Earlier, the petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.
The oil cartel and its allied nations agreed to add back some 2 million barrels per barrel per day of oil production from May to July.
