Fuel Prices Surge: Petrol and Diesel Rates Hiked Twice in Five Days

The prices of petrol and diesel have witnessed another significant increase, marking the second hike within a span of just five days. This latest adjustment has seen petrol prices rise by 86 paise per liter, while diesel prices have gone up by 83 paise per liter. Over the last five days, the cumulative increase in fuel prices has reached approximately 4 rupees per liter, adding a substantial burden on consumers across the country.

Current Fuel Rates in Delhi

64 rupees per liter. 58 rupees per liter. 67 rupees per liter in Delhi. This follows a previous major hike on May 15, when the prices of both fuels were increased by 3 rupees per liter in a single day.

Rising CNG Prices in Delhi-NCR

The surge in fuel costs isn't limited to petrol and diesel. Recently, the prices of Compressed Natural Gas (CNG) were also increased by 1 rupee per kilogram in the Delhi-NCR region. For the first time, the price of CNG in Delhi has crossed the 80 rupee mark. On May 15, CNG prices had already seen a sharp increase of 2 rupees. 70 rupees per kg.

Global Factors and Economic Impact

The primary reason behind this continuous rise in fuel prices is the escalating tension in West Asia, particularly since the start of the Iran war. Global crude oil prices have surged by more than 50 percent since the conflict began and have remained consistently above 100 dollars per barrel in recent days. 23. This combination of high crude prices and a weak currency makes imports Importantly more expensive for India.

Direct Impact on Common Citizens

This hike is expected to have a direct and immediate impact on the daily expenses of salaried individuals who commute regularly, as well as auto-rickshaw, taxi, and app-based cab drivers. As transportation costs rise, the overall burden of inflation on the common man is likely to increase in the coming days, while since India is heavily dependent on oil imports, the rising cost of foreign exchange to pay for crude oil is putting immense pressure on the national economy and the market sentiment remains volatile.