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Petrol-Diesel Price Hike: Petrol and diesel prices were increased once again across the country on Tuesday, marking the second hike within a week. Fuel prices have gone up by up to 91 paise per litre, adding further burden on consumers already dealing with rising expenses.
The latest revision has impacted major cities including Delhi, Mumbai, Kolkata, and Chennai. Oil companies are believed to have raised prices due to the surge in global crude oil rates amid ongoing tensions in the Middle East.
Petrol Price Crosses Rs 98 in Delhi
Following the latest hike, petrol in Delhi has become 87 paise costlier and is now priced at Rs 98.64 per litre. Diesel prices in the national capital have also increased by 91 paise, reaching Rs 91.58 per litre.
Earlier, petrol was being sold at Rs 97.77 per litre, while diesel was priced at Rs 90.67 per litre in Delhi.
Fuel Gets Costlier in Mumbai
In Mumbai, petrol prices have risen by 91 paise to Rs 107.59 per litre. Diesel prices in the city also witnessed a jump of 94 paise and are now retailing at Rs 94.08 per litre.
Experts believe that the sharp rise in international crude oil prices is directly affecting fuel rates in India.
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Latest Petrol Prices in Major Cities
| City | Petrol Price (Rs/Litre) | Increase |
|---|---|---|
| Delhi | 98.64 | 87 paise |
| Kolkata | 109.70 | 96 paise |
| Mumbai | 107.59 | 91 paise |
| Chennai | 104.49 | 82 paise |
Latest Diesel Prices in Major Cities
| City | Diesel Price (Rs/Litre) | Increase |
|---|---|---|
| Delhi | 91.58 | 91 paise |
| Kolkata | 96.07 | 94 paise |
| Mumbai | 94.08 | 94 paise |
| Chennai | 96.11 | 86 paise |
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Fuel Rates in Other Cities
| City | Petrol Price (Rs/Litre) | Diesel Price (Rs/Litre) |
|---|---|---|
| Chandigarh | 98.10 | 86.09 |
| Hyderabad | 111.88 | 99.95 |
| Jaipur | 109.32 | 94.50 |
| Bengaluru | 107.12 | 95.04 |
| Lucknow | 98.40 | 91.73 |
Reasons Behind the Price Hike
Fuel prices in India are influenced by several global and domestic factors:
1. Global Crude Oil Prices
- Ongoing geopolitical tensions in the Middle East and concerns around the Strait of Hormuz have disrupted global crude oil supply, pushing prices higher.
2. India’s Import Dependency
- India imports most of its crude oil requirements. Any rise in international oil prices directly impacts domestic fuel rates.
3. Currency Exchange Rate
- Fluctuations in the rupee-dollar exchange rate also affect fuel pricing, as crude oil is traded in US dollars.
4. Taxes and Duties
- Central excise duty and state-level VAT further influence final retail prices, leading to different rates across cities.
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Government and Oil Companies Stand
Petroleum Minister Hardeep Singh Puri recently indicated that public sector oil companies are facing significant financial pressure due to selling fuel below market-linked prices. Reported losses are estimated at nearly Rs 1,000 crore per day, raising expectations of further price adjustments.
Impact on Consumers
The continuous rise in fuel prices is expected to have a wider economic impact:
- Increased transportation costs
- Higher prices of essential goods
- Possible rise in inflation
- Pressure on household budgets
Conclusion
The repeated hike in petrol and diesel prices reflects ongoing global uncertainty in crude oil markets. With geopolitical tensions and supply concerns continuing, fuel prices may remain volatile in the coming weeks, directly affecting consumers across India.
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