Fuel prices across India were increased again on Tuesday, with petrol and diesel rates rising by around 90 paise per litre in several cities. This marks the second fuel price hike within a week after state run oil companies ended a long freeze on price revisions.
In New Delhi, petrol prices increased to around ₹98.64 per litre, while diesel rose to about ₹91.58 per litre. Similar hikes were reported in Mumbai, Kolkata, Chennai, Hyderabad and other major cities.
The latest increase comes just days after petrol and diesel prices were raised by ₹3 per litre last week, the first major hike in nearly four years. Oil companies reportedly said rising global crude oil prices and supply concerns linked to Middle East tensions were putting heavy financial pressure on fuel retailers.
Reports said global crude prices surged sharply following tensions involving Iran, the United States and Israel, along with concerns surrounding the strategically important Strait of Hormuz a major global oil shipping route. The increase in international oil prices has directly affected India, which imports most of its crude oil requirements.
Government officials stated that state-run oil companies were facing significant daily losses despite the recent hikes. Analysts believe further fuel price increases may still be possible if global crude oil prices continue to remain high.
The fresh hike has triggered political reactions, with opposition parties criticizing the government over rising inflation and the increasing burden on consumers. Experts also warned that higher fuel prices could lead to increased transportation and commodity costs across the country in the coming weeks.
