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.
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. It again reduced the price on March 30.
In Mumbai, petrol is now priced at Rs 97.19 a litre from previous days' price of Rs 97.40 and diesel in the city is now priced at Rs 88.20 a litre from previous price of Rs 88.42 a litre.
The petrol and diesel prices have 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.
Crude price has remained firm for last few weeks in wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.
Crude prices have remained firm for the last few weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in consumption in all major economies globally.
