Daijiworld Media Network – New Delhi

New Delhi, May 25: Petrol and diesel prices have witnessed yet another hike across the country. Petrol prices have increased by Rs 2.61 per litre, while diesel has gone up by Rs 2.71. This marks the fourth fuel price hike in the last two weeks.

The price revision was reportedly implemented by state-run oil companies to mitigate mounting losses, as crude oil prices in the global market have crossed the 100 dollar per barrel mark.

The ongoing conflict between the US and Iran in West Asia, coupled with the closure of the Strait of Hormuz, has triggered massive volatility in crude oil prices, the ripple effects of which are now reflecting in India's domestic fuel rates.

In the national capital, New Delhi, the price of petrol has reached Rs 102.12 per litre, while diesel is priced at Rs 95.20.

Analyzing the situation, ONGC director of exploration Sushma Rawat stated, "The crude oil market is experiencing severe fluctuations due to the uncertainty in West Asia. Prices drop whenever there is a hint of a peace agreement, but rates jump back up when it becomes evident that the crisis will persist."

She further noted that the government has made efforts to protect consumers. "The government had shielded people by not raising oil prices for 76 consecutive days. However, oil companies were suffering losses of around Rs 1,000 crore per day. How long can such a massive loss be sustained?" she questioned.

The continuous surge in fuel prices is expected to put additional financial strain on motorists, the transport sector, and the business community. There are growing concerns that an increase in transport costs will inevitably lead to a spike in the prices of essential commodities. According to market analysts, this upward trend in petrol and diesel rates is highly likely to impact food prices as well.

Fuel prices in major cities:

Delhi

• Petrol: Rs 102.12

• Diesel: Rs 95.20

Kolkata

• Petrol: Rs 113.51

• Diesel: Rs 99.82

Mumbai

• Petrol: Rs 111.21

• Diesel: Rs 97.83

Chennai

• Petrol: Rs 107.77

• Diesel: Rs 99.55