Fuel Prices Surge Again in India Amid Global Oil Market Tensions

In a troubling trend for consumers across the nation, petrol and diesel prices have been raised for the third time in just ten days, reflecting ongoing volatility in global oil markets driven by geopolitical tensions in West Asia. The latest adjustments were implemented on Saturday, adding to the financial strain on Indian households already grappling with rising costs of living.

In the capital city of Delhi, the price of petrol jumped by 87 paise per litre, resulting in a new cost of Rs 99.51. Diesel prices also saw an increase of 91 paise, bringing the total to Rs 92.49 per litre. Similarly, in Kolkata, petrol prices were hiked by 94 paise per litre, now costing Rs 110.6, while diesel rose by 95 paise to Rs 97 per litre. Mumbai experienced a similar surge, with petrol prices climbing 90 paise to Rs 108.4, and diesel increasing by 94 paise to Rs 95 per litre. Chennai saw petrol prices rise by 82 paise, reaching Rs 105.3, with diesel prices going up by 87 paise to Rs 96.9.

The recent price hikes follow earlier increases on May 15 and May 19, when both petrol and diesel rates were raised by approximately Rs 3 per litre. This series of increases has sparked widespread concern among consumers and industry experts alike, as oil marketing companies continue to face pressures from the international market. Brent crude oil prices remain elevated, trading at around $103 a barrel, up from previous peaks of $106, indicating that the situation may not improve in the immediate future.

The consistent rise in fuel prices comes at a time when many households are already feeling the economic pinch from inflation and other rising costs. Transport and logistics sectors are particularly affected, as increased fuel prices lead to greater operational expenses, which are often passed on to consumers in the form of higher prices for goods and services.

As the government grapples with the implications of these price hikes on the economy, voices from various sectors are calling for a review of excise duties and taxes on fuel to provide some relief to the public. The ongoing conflict in West Asia continues to contribute to uncertainty in the oil market, leaving many to wonder what additional measures can be taken to stabilize fuel prices in the coming months.

Source: scroll.in