In a fresh blow to consumers, petrol and diesel prices were hiked for the fourth time in the last 10 days on Wednesday. Petrol prices have been increased by Rs 2.61 per litre and diesel by Rs 2.71 per litre, according to a notification from state-run oil marketing companies.
Revised Fuel Prices
After the latest revision, petrol in Delhi now costs Rs 104.44 per litre, while diesel is priced at Rs 93.67 per litre. In Mumbai, petrol is retailing at Rs 110.12 per litre and diesel at Rs 97.20 per litre. In Chennai, petrol is priced at Rs 101.76 per litre and diesel at Rs 93.16 per litre. In Kolkata, petrol costs Rs 104.99 per litre and diesel Rs 93.37 per litre.
Reason Behind the Hike
The continuous increase in fuel prices is attributed to the rising global crude oil prices. International benchmark Brent crude has surged past $85 per barrel, putting pressure on domestic prices. Additionally, the depreciation of the Indian rupee against the US dollar has made oil imports costlier.
The government has not intervened to reduce excise duty or VAT to cushion the impact, leading to the frequent price revisions. Analysts expect further hikes if crude prices remain elevated.
Impact on Common Man
The repeated price hikes have sparked concerns about inflation, as fuel prices directly affect transportation costs and, consequently, the prices of essential commodities. Opposition parties have criticized the government for not providing relief to consumers.
Meanwhile, oil companies revise fuel prices daily based on the average international crude prices and exchange rates. Consumers are advised to check the latest rates before filling up.
