Global Crisis Drives Another Hike in Fuel Prices; Petrol, Diesel and CNG Become Costlier
New Delhi: The ongoing geopolitical tensions in West Asia and the continuous rise in global crude oil prices have started impacting consumers directly.
On Saturday, petrol and diesel prices were increased once again across the country. Petrol became costlier by 87 paise per litre, while diesel prices rose by 91 paise per litre.
Over the last ten days, fuel prices have increased by nearly Rs 5 per litre, adding further pressure on household budgets as well as the transport and logistics sectors.
CNG consumers have also not been spared. The price of CNG was increased by Rs 1 per kilogram.
This marks the third hike in CNG prices within a short span of time. Overall, CNG has become nearly Rs 4 per kilogram more expensive in less than ten days, affecting auto-rickshaw drivers, taxi operators, and public transport services.
Rising Crude Oil Prices Behind the Increase
According to experts, the sharp rise in international crude oil prices is primarily linked to escalating tensions in West Asia. Concerns over possible disruptions in the Strait of Hormuz — a crucial global oil transit route — have created uncertainty in the energy market.
As a result, public sector oil companies are continuously revising retail fuel prices.
In addition, the weakening of the Indian rupee and lower refining margins have increased operational costs for oil companies. Petroleum firms maintain that the latest hike has become unavoidable due to the prevailing global situation.
Latest Fuel Prices Across Cities
Following the latest revision, petrol in Delhi is now priced at Rs 99.51 per litre, while diesel costs Rs 92.49 per litre. In Prayagraj, petrol prices have reached Rs 99.35 per litre and diesel Rs 92.75 per litre.
Meanwhile, in Pratapgarh, petrol prices have crossed the Rs 100 mark, reaching Rs 100.32 per litre, while diesel is being sold at Rs 93.57 per litre.
The continued rise in fuel prices is now clearly affecting the monthly expenses of common citizens. Private vehicle owners, transport operators, and daily commuters are all feeling the burden of higher fuel costs.
CNG Prices Continue to Rise
According to the website of Indraprastha Gas Limited (IGL), the price of CNG in Delhi has increased from Rs 80.09 to Rs 81.09 per kilogram. Revised rates have also come into effect in several cities across the Delhi-NCR region and nearby areas.
Earlier, CNG prices were increased by Rs 2 per kilogram on May 15 and by another Rs 1 per kilogram on May 17.
With prices continuing to rise, there are concerns that fares for CNG-based public transport services may also increase in the coming days.
Crude Oil Prices Up Nearly 50% Since February
Sources indicate that international crude oil prices have surged by nearly 50 percent since February.
Global supply chain disruptions and the intensifying crisis in West Asia have contributed to continued instability in the energy market.
Experts warn that if the situation does not improve soon, petrol, diesel, and gas prices could witness further increases in the near future.
