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Fuel Prices Hiked For Fourth Time In 10 Days
Fuel Prices Hiked For Fourth Time In 10 Days; Petrol, Diesel Costlier By Over Rs 2/L
Petrol and diesel prices were hiked again on Monday by Rs 2.61 and 2.71 per litre across major cities, marking the fourth increase in less than two weeks.
Petrol and diesel prices were raised sharply again on Monday, with state-owned oil marketing companies increasing retail fuel rates by Rs 2.61 and Rs 2.71 per litre across major cities, marking the fourth hike in less than two weeks amid elevated global crude oil prices and a weakening rupee.
With the latest revision, cumulative increases in petrol and diesel prices have now touched nearly Rs 7.5 per litre since fuel price revisions resumed on May 15 after a prolonged freeze.
In Delhi, petrol prices were increased by Rs 2.61 per litre to Rs 102.12 from Rs 99.51, while diesel rates rose by Rs 2.71 per litre to Rs 95.20 from Rs 92.49, industry sources said.
The latest revision pushed fuel prices significantly higher across all four metro cities.
Petrol prices in Delhi stood at Rs 102.12 per litre after the increase of Rs 2.61, while Kolkata saw rates rise by Rs 2.87 to Rs 113.51 per litre.
In Mumbai, petrol prices climbed by Rs 2.72 to Rs 111.21 per litre, and in Chennai, prices increased by Rs 2.46 to Rs 107.77 per litre.
Similarly, diesel prices in Delhi rose by Rs 2.71 to Rs 95.20 per litre.
Kolkata recorded an increase of Rs 2.80, taking diesel rates to Rs 99.82 per litre.
In Mumbai, diesel prices climbed by Rs 2.81 to Rs 97.83 per litre, while Chennai saw diesel rates rise by Rs 2.57 to Rs 99.55 per litre.
Industry officials said the hikes were driven by elevated international crude oil prices and the depreciation of the rupee, both of which have increased import costs for oil marketing companies.
FOURTH HIKE SINCE MAY 15
Monday’s increase marks the fourth revision in fuel prices since May 15, when state-owned firms resumed revising rates after maintaining a prolonged freeze on retail prices.
Petrol and diesel prices were first raised by Rs 3 per litre each on May 15, followed by another increase of around 90 paise per litre on May 19.
On May 23, fuel prices were again revised upward by 87-91 paise per litre.
The May 23 hike had pushed petrol prices in Delhi to Rs 99.51 per litre and diesel to Rs 92.49 per litre before Monday’s latest revision.
At that time, the cumulative increases in retail fuel prices had already reached nearly Rs 5 per litre in under 10 days.
Monday’s increase has now widened that rise to almost Rs 7.5 per litre since revisions resumed.
GLOBAL CRUDE PRICES, WEAK RUPEE ADD PRESSURE
The repeated hikes come against the backdrop of soaring international oil prices and currency weakness, which have significantly raised the import burden for fuel retailers.
Global crude oil prices have surged sharply in recent months amid geopolitical tensions and disruptions to shipments through the Strait of Hormuz, a key global oil transit route.
State-run fuel retailers had continued to absorb substantial losses despite earlier price increases.
Petroleum Ministry Joint Secretary Sujata Sharma had earlier stated that the May 15 hike reduced losses by about a fourth, though state-run oil firms were still losing around Rs 750 crore per day.
According to news agency PTI, oil marketing companies were losing nearly Rs 10 per litre on petrol and Rs 13 per litre on diesel even after earlier hikes.
CNG PRICES ALSO SAW RECENT INCREASES
Alongside fuel price hikes, compressed natural gas (CNG) prices had also been revised upward in recent days.
CNG prices in Delhi were raised by Re 1 per kg on May 23, taking cumulative increases to Rs 4 per kg after earlier revisions on May 15 and May 17.
Fuel retailers across the country, including private operators, have largely moved in tandem with state-owned companies on pricing revisions.
Source: News18.com
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