Blitz Bureau
NEW DELHI: Petrol and diesel prices have been increased once again in India, with petrol becoming costlier by Rs 2.61 per litre and diesel by Rs 2.71 per litre. This marked the fourth fuel price hike in the last two weeks with a cumulative increase of Rs 7.5, as state-run oil companies continue revisions to recover losses incurred after keeping rates unchanged despite global crude oil prices increasing. The reason for the increase is mainly attributed to the ongoing West Asian conflict between the US and Iran which has led to the closure of the Strait of Hormuz.
Following the latest increase, petrol in New Delhi is now priced at Rs 102.12 per litre, while diesel rates have risen to Rs 95.20 per litre. Speaking on the impact of the ongoing West Asia conflict, Sushma Rawat, ONGC Director (Exploration), said crude oil prices have remained highly volatile due to uncertainty surrounding the situation. “Whenever there is an announcement of a peace accord, crude prices begin to fall. But when it becomes clear that there is no immediate resolution, prices rise again,” she said.
Sushma e further stated that India has so far managed to protect consumers from the complete impact of rising global energy prices despite continued volatility in international crude markets. “The government has given relief to the people for 76 days, during which the price has not increased. The price has increased, because the oil marketing companies (OMCs) were taking a hit of almost Rs 1,000 crore a day. How long do you sustain that?” she asked.
