New Delhi: Fuel prices climbed once more on Monday, marking the fourth hike in under two weeks as heightened tensions in West Asia and the partial shutdown of the Strait of Hormuz pushed crude prices higher.
According to information available, in Delhi petrol prices rose by ₹2.61 to ₹102.12 a litre from ₹99.51, while diesel prices went up by ₹2.71 to ₹95.20 from ₹92.49. State-run oil marketing companies (OMCs) had on Saturday implemented a near-₹1 per litre increase — the third rise since the first adjustment on May 15.
Metro-wise, petrol prices in Kolkata climbed by ₹2.87 to ₹113.51, Mumbai recorded a rise of ₹2.72 to ₹111.21, and Chennai saw petrol an increase by ₹2.46 to ₹107.77. Diesel prices were raised across the three metros as well: Kolkata by ₹2.80 to ₹99.82, Mumbai by ₹2.81 to ₹97.83 and Chennai by ₹2.57 to ₹99.55.
Analysts say the increases reflect supply fears after shipping disruptions near the Strait of Hormuz. International oil benchmarks, including Brent, rose on precautionary buying, and a weaker rupee raised the rupee cost of dollar-priced oil.
The May 15 revision was India’s first retail fuel hike since April 2022, when prices were hiked amid fallout from Russia’s invasion of Ukraine. Between late March and April 6, 2022, pump prices climbed by roughly ₹9 per litre, often in almost-daily rises of about 80 paise.
Top executives at state-run firms such as ONGC and Bharat Petroleum say escalating tensions in West Asia are behind the recent fuel increases. Shipping disruptions and blockades around the Strait of Hormuz have tightened global energy supplies, directly impacting countries like India that rely heavily on Middle East oil.
Speaking to ANI, ONGC Director (Exploration) Sushma Rawat said, “Whenever there is a declaration that there is a peace accord, the crude prices start to dip. And when you realise that there is no solution, the prices go up again.” She added the government had tried to shield consumers for more than two months despite rising global prices.
