Petrol, diesel prices hiked for fourth time in 10 days amid West Asia crisis

New Delhi : Retail fuel rates across major Indian cities witnessed another steep upward revision today, marking the fourth consecutive price hike in less than ten days. State-owned oil marketing companies passed on the burden of soaring international crude oil costs to consumers, collectively raising retail petrol and diesel rates by an average of 2.80 rupees per litre.

With this latest revision, the cumulative increase in fuel prices has touched nearly 7.50 rupees per litre since daily price adjustments resumed on May 15, following a prolonged rate freeze. The sudden surge in local retail prices is a direct fallout of the ongoing West Asia crisis, which has triggered a 50 percent spike in global crude benchmarks since late February due to disruptions along major shipping lanes. Additionally, a steadily depreciating rupee against the US dollar has further elevated oil import expenses for domestic refineries.

Following today's price adjustment, petrol prices in the national capital crossed the crucial 100-rupee threshold, settling at 102.12 rupees per litre, while diesel climbed to 95.20 rupees per litre. In financial hubs like Mumbai, fuel costs remains exceptionally high due to varying state levies, with petrol retailing at 111.21 rupees and diesel touching 97.83 rupees.

Financial analysts warn that more retail price hikes could be on the horizon, as current adjustments do not fully offset the underlying losses incurred by oil marketing companies. Industry experts predict that fuel prices might climb by another 10 rupees per litre in the near term if the geopolitical standoffs and logistical challenges in international waters remain unresolved.