Petrol and diesel prices in India were increased for the fourth time since May 15, with petrol rising by Rs. 2.61 per litre and diesel by Rs. 2.71 per litre on Monday. This hike pushed petrol prices in Delhi to Rs. 102.12 per litre and diesel to Rs. 95.20 per litre, according to livemint.com.
The price increases occurred amid ongoing geopolitical tensions in West Asia, which have caused volatility in global crude oil markets. State-owned oil companies adjusted retail fuel prices to reflect the rising international crude prices. This marks the fourth price revision within less than two weeks, cumulatively raising fuel costs by nearly Rs. 7.5 per litre since May 15, as reported by livemint.com.
These repeated hikes highlight the pressure on fuel prices due to external geopolitical factors and crude oil market fluctuations. The current petrol price crossing Rs. 100 per litre in Delhi and diesel nearing Rs. 95 per litre underscores the impact on consumers and inflation. The trend follows a pattern of steady price adjustments by state-owned firms to align domestic fuel costs with global crude price movements, per livemint.com.
Looking ahead, further price revisions may occur if geopolitical tensions persist or crude oil prices continue to rise. Consumers and businesses should monitor fuel price updates closely, as state-owned companies are likely to continue adjusting prices in response to international market developments, according to livemint.com.