Oil marketing companies (OMCs) on Monday raised petrol and diesel prices for the fourth time in less than two weeks amid continued volatility in global crude oil markets and ongoing geopolitical tensions in West Asia.
With the latest revision, petrol prices in Delhi crossed the Rs 100-per-litre mark, climbing by Rs 2.61 to Rs 102.12 per litre. Diesel prices were increased by Rs 2.71 to Rs 95.20 per litre.
The latest hike follows a series of increases over the past 10 days. On May 15, petrol and diesel prices were raised by Rs 3 per litre each. This was followed by a 90-paise-per-litre increase on May 19. On May 23, petrol prices were hiked by 87 paise per litre, while diesel prices went up by 91 paise per litre.
Meanwhile, the price of Compressed Natural Gas (CNG) in Delhi was increased by Rs 1 per kg on Saturday, marking the third hike in 10 days. Following the revision, CNG now costs Rs 81.09 per kg in the national capital.
The repeated increase in fuel prices comes amid sustained pressure on OMCs due to elevated global crude oil prices, currency fluctuations and concerns over potential supply disruptions linked to tensions in West Asia.
A key concern remains the security of the Strait of Hormuz, a crucial maritime route through which a significant portion of the world’s crude oil supplies passes. Any disruption, or even the perception of a threat to shipping in the region, typically triggers a sharp rise in international oil prices.
(With inputs from ANI)
