Fuel prices increased by Rs 2, petrol crosses Rs 100 in Delhi; fourth hike in two weeks
The latest rise has largely been linked to tensions in West Asia involving the US and Iran, which have resulted in the closure of the Strait of Hormuz.
PTC News Desk: Fuel prices in India have gone up again, with petrol becoming costlier by Rs 2.61 per litre and diesel by Rs 2.71 per litre. This is the fourth increase in fuel rates within the past two weeks, as government-owned oil marketing companies continue adjusting prices to offset losses suffered from holding rates steady even after global crude oil prices crossed the $100-per-barrel mark.
The latest rise has largely been linked to tensions in West Asia involving the US and Iran, which have resulted in the closure of the Strait of Hormuz. After the revision, petrol in New Delhi is priced at Rs 102.12 per litre, while diesel now costs Rs 95.20 per litre.
Commenting on the situation, Sushma Rawat, Director (Exploration) at ONGC, said crude oil prices have remained extremely unstable because of uncertainty surrounding the conflict in West Asia. Prior to this, fuel prices were revised on May 23, when oil marketing companies raised petrol prices by Rs 0.87 per litre and diesel by Rs 0.91 per litre.
At the same time, global crude oil prices saw a sharp drop of over five per cent amid expectations of a possible peace deal between the United States and Iran, even though US President Donald Trump dismissed the chances of an immediate resolution.
By around 2300 GMT on Sunday, Brent crude from the North Sea had declined 5.1 per cent to $98.22 per barrel, while US benchmark West Texas Intermediate (WTI) crude fell 5.2 per cent to $91.57 per barrel before recovering slightly later in the session.