Petrol and diesel prices across India have surged following mounting pressure on global energy markets amid the ongoing Iran-related supply crisis, with oil companies increasing fuel rates by Rs 3 per litre in the latest revision.
The hike comes as international crude oil prices remain volatile due to disruptions linked to tensions in West Asia and concerns surrounding shipping routes such as the Strait of Hormuz, a critical corridor for global oil supplies. Analysts warn that if the crisis deepens further, additional fuel price increases may follow in the coming weeks.
Latest Petrol & Diesel Rates In Major Cities
- Delhi: Petrol around Rs 97.77/litre, Diesel around Rs 90.67/litre
- Mumbai: Prices remain among the highest among metros
- Bengaluru, Hyderabad, Chennai and Kolkata have also witnessed revised fuel rates following the nationwide hike.
Why Prices Are Rising
Experts point to several reasons behind the fuel price surge:
- Global crude oil supply disruptions
- Rising shipping and insurance costs
- Iran conflict-related uncertainty
- Pressure on Indian oil marketing companies
- Weakening rupee against the US dollar
- Impact On Daily Life
The increase in diesel prices is expected to push up transportation and logistics costs, which could make vegetables, edible oil, milk, online deliveries, public transport, and other essentials more expensive. Gig workers and transport operators have already voiced concerns over rising operating expenses.
Could Prices Rise Further?
Market analysts believe this may not be the last hike if crude oil prices stay elevated for a prolonged period. Government officials and financial experts have indicated that sustained global instability could force additional revisions in domestic fuel prices.
