Petrol, Diesel Prices HIKED AGAIN: Fuel rates increased by over Rs 2, petrol crosses Rs 100 mark in Delhi - Check city-wise prices here
Petrol, Diesel Prices HIKED AGAIN: Fuel rates increased by over Rs 2, petrol crosses Rs 100 mark in Delhi - Check city-wise prices here strait of Hormuz crude oil
Petrol, Diesel Prices HIKED AGAIN: Fuel rates increased by over Rs 2, petrol crosses Rs 100 mark in Delhi - Check city-wise prices here | Image: ANI
Petrol, Diesel Prices Hiked Again: Oil Marketing Companies (OMCs) on Monday again increased the prices of petrol and diesel by over Rs 2 per litre. The prices of petrol and diesel have been increased by Rs 2.61 per litre and diesel by Rs 2.71, marking the fourth fuel price hike in the last two weeks. The OMCs are continuously increasing fuel prices in order to recover the losses incurred after keeping rates unchanged despite a surge in global crude oil prices, which crossed USD 100 per barrel.
Why Are Fuel Prices Increasing?
It is to be noted that the reason for the back-to-back increase is mainly linked to the tensions in West Asia due to the ongoing war between the United States and Iran. The closure of Strait of Hormuz has also disrupted global energy.
Petrol Prices in Major Cities
| City | Petrol Price (per litre) |
| Delhi | 100.12 |
| Mumbai | 105.68 |
| Chennai | 101.45 |
| Kolkata | 101.87 |
Diesel Prices in Major Cities
| City | Diesel Price (per litre) |
| Delhi | 95.20 |
| Mumbai | 98.34 |
| Chennai | 96.78 |
| Kolkata | 97.05 |
Why Are Fuel Prices Increasing?
It is to be noted that the reason for the back-to-back increase is majorly linked to the tensions in West Asia due to the ongoing wat between United States and Iran. The closure of Strait of Hormuz has also disrupted global energy.
After the fresh revision, petrol is selling in Delhi at 102.12 per litre, while diesel rates have increased to Rs 95.20 per litre.
According to Sushma Rawat, ONGC Director (Exploration), crude oil prices have remained highly volatile due to ongoing tensions in West Asia.
"Whenever there is an announcement of a peace accord, crude prices begin to fall. But when it becomes clear that there is no immediate resolution, prices rise again," Rawat told ANI.
Rawat told the news agency that the country has so far shielded consumers from the major impact of rising global energy prices despite continues surge in international crude markets.
"The government has given relief to the people for 76 days, during which the price has not increased. The price has increased because the oil marketing companies (OMCs) were taking a hit of almost Rs 1,000 crore a day. How long do you sustain that?" she asked.
Revisions In Fuel Prices
The OMCs last revised the petrol prices by Rs 0.87 per litre and diesel prices by Rs 0.91 per litre on May 23.
Global Oil Prices Witnessed A Sharp Decline
Meanwhile, global oil prices witnessed a major decline of over five percent due to the possible peace agreement between the United States and Iran. However, US President Donald Trump said that his country will take its time and not rush into a deal with Iran. He also clarified that the US naval blockade on the ports of the Islamic Republic will remain in "full force and effect" until a formal peace deal is signed.
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