Fuel Prices Surge Again as Global Oil Rates Climb Amid Ongoing Conflicts

The prices of petrol and diesel have seen another upward revision in India, effective immediately from Tuesday, driven by escalating global oil prices and ongoing supply concerns linked to turmoil in West Asia. This marks the second increase in fuel costs within a week, highlighting the growing pressure on oil marketing companies in the country.

In the national capital, New Delhi, petrol prices jumped by 87 paise per litre, bringing the new rate to Rs 98.6 per litre, up from Rs 97.7 per litre. Diesel, too, saw a hike, now priced at Rs 91.5 per litre, a rise from Rs 90.6 per litre. Notably, this follows a substantial increase of approximately Rs 3 per litre on May 15.

Other major cities have also felt the impact of the rising fuel prices. In Mumbai, petrol now costs Rs 107.5 per litre after an increase of 91 paise, while diesel rose by 94 paise to reach Rs 94 per litre. Kolkata reported the most significant hike for petrol, which is now priced at Rs 109.7 per litre following a rise of 96 paise. Diesel prices in Kolkata also saw an increase of 94 paise, bringing the cost to Rs 96 per litre. Meanwhile, in Chennai, petrol prices climbed by 82 paise to Rs 104.4 per litre, while diesel prices increased by 86 paise to settle at Rs 96.1 per litre.

The surge in fuel prices is attributed to the ongoing conflict in West Asia, which has caused significant disruptions and uncertainties in global oil supply. Following these developments, benchmark Brent crude oil prices traded below $110 per barrel earlier on Tuesday, reflecting a 2.6% increase from the previous session. To put this in perspective, Brent crude was priced at approximately $78 per barrel just a few months ago in February.

As fuel prices continue to rise, consumers across the nation are feeling the pinch, leading to concerns over inflation and the overall cost of living. The Indian government, while taking steps to manage these challenges, faces a daunting task in balancing economic stability with the need to support its citizens during these turbulent times. The situation emphasizes the importance of strategic energy policies and a focus on sustainable alternatives that can alleviate the burden on consumers.

Source: scroll.in