In a fresh blow to consumers, petrol and diesel prices have been hiked for the third time this month, adding to the financial burden of households and businesses. The latest revision, effective from today, sees petrol prices increase by 87 paise per litre, while diesel has become costlier by 91 paise per litre.
Details of the Price Revision
State-owned oil marketing companies (OMCs) announced the price increase across major cities. In Delhi, petrol now costs Rs 106.32 per litre, up from Rs 105.45, while diesel is priced at Rs 94.78 per litre, up from Rs 93.87. Similar hikes have been implemented in other metropolitan cities like Mumbai, Kolkata, and Chennai.
Reasons Behind the Hike
The price revision is attributed to the rising international crude oil prices, which have surged due to geopolitical tensions and supply constraints. The Indian rupee's depreciation against the US dollar has also contributed to higher import costs, forcing OMCs to pass on the burden to consumers.
This is the third price hike this month, following increases of 65 paise and 70 paise for petrol, and 70 paise and 75 paise for diesel earlier. Cumulatively, petrol prices have risen by Rs 2.22 per litre and diesel by Rs 2.36 per litre in May alone.
Impact on Common Man
The consecutive hikes have sparked concerns among the public, especially those reliant on personal vehicles for daily commute. Transport associations have warned of a potential increase in fares for buses, taxis, and auto-rickshaws. The agriculture sector, which uses diesel for irrigation and machinery, is also expected to face higher operational costs.
Government's Stand
The government has maintained that it is monitoring the situation and has urged OMCs to absorb some of the cost increases. However, with global crude prices remaining volatile, further hikes cannot be ruled out in the coming days.
Consumers are advised to check the daily revised prices at their nearest fuel stations, as rates vary by state due to local taxes and freight charges.
