Fuel Prices Surge Again Amid Global Tensions
Recent Fuel Price Increases
File image of a Petrol Depot in Guwahati (Photo: AT)
New Delhi, May 23: The prices of petrol and diesel have seen an increase of up to 91 paise per litre, marking the third hike in less than ten days, driven by escalating global energy prices due to the ongoing conflict in West Asia.
This latest adjustment on Saturday follows two previous increases earlier this month, as public sector oil companies began to transfer the burden of rising crude oil prices to consumers in a measured approach.
The initial hike occurred on May 15, when petrol and diesel prices were raised by Rs 3 per litre, the first increase of its kind in over four years.
At that time, oil companies attributed the sharp rise in international crude prices to the growing tensions in West Asia and disruptions in global supply chains.
A subsequent increase took place on May 19, with petrol and diesel prices rising again by approximately 90 paise per litre.
This series of hikes has sparked significant political backlash across the nation, with opposition parties accusing the government of placing an additional burden on citizens already facing inflation.
In response, the government has defended the price adjustments, asserting that they are a result of extraordinary conditions in the international market and increasing import costs.
Following Saturday's adjustment, fuel prices have collectively increased by nearly Rs 5 per litre since May 15.
According to the latest updates from state-owned oil marketing companies, the petrol price in Delhi rose by 87 paise per litre, from Rs 98.64 to Rs 99.51, while diesel prices increased by 91 paise, from Rs 91.58 to Rs 92.49 per litre.
The ongoing price hikes are likely to further influence transportation costs and retail inflation, especially as the prices of essential goods are already under strain.
The persistent volatility in global crude markets due to the West Asia crisis has raised concerns about the potential for additional fuel price increases in the near future if geopolitical tensions continue.