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.
Fuel prices climbed again across major Indian cities as rising global crude oil rates and the ongoing West Asia conflict continued to pressure domestic 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.
Worldwide, there is an increasing trend to ban vehicles using fossil fuels, but that is not confined to diesel vehicles alone.
As a result, under the daily price adjustment procedure used by oil marketing corporations, gasoline and diesel prices remained unchanged for the 11th consecutive day.
With fuel prices spared of another increase, the price of petrol continues to remain at Wednesday's level of Rs 92.85 a litre and diesel Rs 83.51 per litre in Delhi.
Petrol prices have increased by Rs 2.30 a litre in Delhi in May in the 10 increases so far. Similarly, diesel prices have risen by Rs 2.78 per litre in capital this month.
In eight increases, petrol price has risen by Rs 1.95 per litre and diesel by Rs 2.22.
Petrol prices in some states have breached the Rs 100 per litre mark while premium petrol has been hovering above that level for some time now.
The OMCs went on price cut for the first time this year on two consecutive days - March 24 and 25 after keeping oil prices steady for past 24 days.
