Petrol and diesel prices have once again increased across the country as government-owned oil marketing companies announced another round of fuel price hikes. This marks the third increase in fuel prices during the current month, adding further pressure on consumers already dealing with rising living costs.
In Delhi, the price of petrol has gone up by 87 paise, taking the retail rate to ₹99.51 per litre. Diesel prices have also risen by 91 paise, with the new rate reaching ₹92.49 per litre.
According to reports, the latest hike has been driven by a sharp rise in international crude oil prices due to ongoing tensions in the Middle East and the Iran crisis. Concerns surrounding the Strait of Hormuz, a key global oil shipping route, have also impacted global oil supply and market stability.
Officials said India’s crude oil basket, which was priced at nearly 69 US dollars per barrel in February, has now surged to around 113–114 US dollars per barrel. The steep rise in global crude prices has significantly increased the cost burden on oil marketing companies.
State-run fuel retailers including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited stated that the increase in fuel prices was necessary due to sustained pressure from rising international energy costs.
The repeated hikes in petrol and diesel prices are expected to impact transportation costs and could lead to further inflation in essential goods and services in the coming weeks.
