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.
Diesel, on the other hand, was at Rs 87.96 in Mumbai, Rs 85.88 in Chennai and Rs 83.75 per litre in Kolkata.
This latest fall comes after a massive wave of Covid-19 infections continued to impact large parts of Europe.
India has been hit hard by soaring oil prices and urged producers to ease the output cut to back the global economy to recover.
Earlier this week, Pradhan had said India, where fuel demand is recovering to pre-pandemic levels, wants reasonable and responsible oil prices.
In the last seven days, the price has gone up by Rs 2.36 per litre for petrol while diesel rate has risen by Rs 2.91 a litre.
