Fuel Prices Rise Again Amid Global Crude Surge and Weak Rupee
Fuel Prices Hiked For Fourth Time In 10 Days; Petrol, Diesel Costlier By Over Rs 2/L
News 18
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Petrol and diesel prices in India have increased for the fourth time in ten days, with petrol rising by ₹2.61 and diesel by ₹2.71 per litre. The cumulative increase since May 15 now stands at nearly ₹7.5 per litre, driven by high global crude prices and a depreciating rupee.
- 01Petrol prices in Delhi increased to ₹102.12 per litre, while diesel reached ₹95.20 per litre after the latest hike.
- 02The cumulative price increase since May 15 is nearly ₹7.5 per litre, with four hikes occurring in quick succession.
- 03Global crude oil prices have surged due to geopolitical tensions, further exacerbated by the weakening rupee.
- 04State-run oil marketing companies continue to face significant losses, estimated at ₹750 crore per day despite recent price adjustments.
- 05CNG prices have also seen increases, with a total rise of ₹4 per kg since mid-May.
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On Monday, petrol and diesel prices in India were raised by ₹2.61 and ₹2.71 per litre, respectively, marking the fourth increase in just ten days. This adjustment has brought the total increase since fuel price revisions resumed on May 15 to nearly ₹7.5 per litre. In Delhi, petrol now costs ₹102.12 per litre, while diesel is priced at ₹95.20. Other major cities have also seen significant hikes, with petrol reaching ₹111.21 in Mumbai and ₹113.51 in Kolkata. The continuous rise in fuel prices is attributed to soaring global crude oil prices and a depreciating rupee, which have raised import costs for oil marketing companies. Despite previous price adjustments, these companies are reportedly still incurring losses of around ₹750 crore per day. Additionally, compressed natural gas (CNG) prices have also risen, reflecting the broader trend in fuel pricing across the country.
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The increase in fuel prices will likely affect transportation costs and overall inflation, impacting consumers and businesses alike.
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