CNG and Fuel Prices Surge in Delhi-NCR Amid Global Tensions
Recent Price Increases in CNG and Fuel
The cost of Compressed Natural Gas (CNG) in the Delhi-NCR area has seen an increase of Re 1 per kg, marking the third adjustment in just ten days. As a result of this latest change, CNG is now priced at Rs 81.09 per kg in Delhi, while consumers in Noida and Ghaziabad will pay Rs 89.70 per kg. Earlier this month, CNG prices were raised by Rs 2 on May 15 and by another Re 1 on May 18. This latest price adjustment was made public by Indraprastha Gas Limited, shortly after petrol and diesel prices were also raised by nearly Rs 1 earlier in the day. These new fuel price increases come amid escalating pressures on global energy markets, driven by rising tensions in the Middle East and the ongoing blockade of the Strait of Hormuz, a vital energy corridor responsible for nearly 20% of the global oil and gas trade. Concerns regarding possible supply interruptions through this strategically important route have resulted in a significant increase in global crude oil prices, thereby affecting fuel markets in various countries, including India. Reports indicate that international crude prices have jumped from approximately $70 per barrel prior to the conflict to over $100 per barrel now.
Despite the significant rise in global oil prices, India has managed to keep domestic fuel price increases relatively moderate compared to many other nations. Government statistics reveal that while fuel prices in numerous countries have surged by 20% to nearly 100%, petrol and diesel prices in India have only risen by 3.2% and 3.4%, respectively.
Continued Increases in Fuel Prices
Fuel Prices Burn Again
On Saturday, petrol and diesel prices were once again raised, marking the third increase in fuel rates within a span of ten days. Petrol prices saw an increase of 87 paise per litre, while diesel prices rose by 91 paise. Following this latest adjustment, petrol in Delhi is now priced at Rs 99.51 per litre, and diesel costs Rs 92.49 per litre. This marks the third fuel price hike since May 15, when state-run oil marketing companies began to gradually reflect the impact of rising global energy prices due to the conflict in the Middle East. Initially, fuel rates were increased by Rs 3 per litre on May 15, followed by another hike of approximately 90 paise on May 19. With this latest adjustment, the total increase in petrol and diesel prices has approached Rs 5 per litre.