Petrol, Diesel Prices Surge Rs 7.5 Within 10 Days

The ongoing tensions in West Asia are now having a visible impact on the Indian economy, with petrol and diesel prices witnessing steep increases across the country. After maintaining a cautious approach during the recent Assembly elections in multiple states, oil companies have now begun revising fuel prices repeatedly following the completion of polling and declaration of results.

In the latest revision, petrol prices were increased by Rs 2.61 per litre, while diesel rates saw a hike of Rs 2.71 per litre. This marks the fourth increase in fuel prices within less than two weeks, causing growing concern among consumers already burdened by rising living expenses.

Oil marketing companies are reportedly attempting to recover losses incurred over the last few months as international crude oil prices continue to fluctuate sharply. The instability in global oil markets is largely linked to the escalating geopolitical tensions involving the United States and Israel, which have disrupted trade movement through the strategically important Strait of Hormuz.

Since the first post-election price revision on May 4, petrol and diesel rates have cumulatively risen by more than Rs 7 per litre in several parts of the country. In New Delhi, petrol is now retailing at Rs 102.12 per litre, while diesel has climbed to Rs 95.20 per litre.

Fuel prices in Telugu states have increased even more sharply due to additional state taxes and VAT charges. In Vijayawada, petrol prices surged to Rs 117.19 per litre, while Guntur recorded rates above Rs 117.59. Hyderabad also witnessed a significant rise in fuel prices, adding pressure on daily commuters and middle-class households.

The repeated increase in fuel prices has triggered criticism against the Central Government, with many citizens expressing dissatisfaction over the lack of measures to cushion the impact of global crude oil volatility on domestic consumers.

Interestingly, international oil markets have shown a pattern over the last few months where crude prices soften whenever reports of possible peace negotiations between the United States and Israel emerge. However, whenever talks fail to produce a breakthrough, crude prices quickly rebound in the global market.

Recently, former US President Donald Trump hinted that the ongoing conflict could end sooner than expected. This statement has raised hopes worldwide that a reduction in geopolitical tensions may eventually bring some relief in global crude oil prices and, in turn, ease fuel prices in India in the coming weeks.