In a fresh blow to consumers, fuel prices have been hiked for the fourth time since May 15, pushing the overall increase to Rs 7.5 per litre. The latest revision has taken petrol prices in Delhi beyond the Rs 100 per litre mark for the first time in over four years. A litre of petrol now costs Rs 102.12 in the national capital, while diesel has surged to Rs 95.20 per litre.
Steady Rise in Fuel Costs
The consecutive hikes have added significant financial pressure on households and businesses. Since mid-May, petrol and diesel prices have risen steadily, with the government citing global crude oil price fluctuations and supply constraints as key reasons. The Rs 7.5 per litre increase over a span of just 10 days is among the sharpest in recent memory.
Impact on Consumers
The rising fuel costs are expected to have a cascading effect on the economy. Transportation costs are likely to go up, which could lead to higher prices for essential commodities. Commuters, especially those using private vehicles, are feeling the pinch as daily travel expenses escalate. Auto-rickshaw and taxi fares may also see a revision in the coming days.
Market Reaction
Oil marketing companies have been revising prices almost daily, aligning with international crude trends. The benchmark Brent crude has remained above $70 per barrel, adding to the upward pressure on domestic fuel prices. Analysts predict that if global rates remain high, further hikes cannot be ruled out.
The government has not announced any immediate relief measures, but discussions on reducing excise duty or providing subsidies have been reported in some quarters. However, no official statement has been made so far.
Consumers are advised to monitor daily price changes and plan their fuel purchases accordingly. The trend suggests that fuel prices may remain elevated in the near term, given the global economic recovery and increased demand.
