• Source:JND

The price of fuels has increased again with compressed natural gas, hiked by Rs 2 per kg. This is the fourth rise in price since May 15. After the latest revision, CNG will be Rs 83.09 per kg in the national capital.

The last three revisions were as follows: a hike of Rs 2 on May 15, Re 1 on May 18, and Re 1 on May 23. Over the past 11 days, prices have increased by Rs 6. On Monday, the price of petrol and diesel also witnessed a significant rise.

Following the earlier revisions, CNG prices in Noida, Greater Noida and Ghaziabad had risen to Rs 88.70 per kg. Similar increases were also seen in Mumbai, where CNG now costs Rs 84 per kg.

ALSO READ: Fuel Price Hike: Petrol, Diesel Prices Increased A Third Time In Less Than 10 Days; Check New Rates

The price hike comes amid the Iran-US war and the blockage of the Strait of Hormuz. India is dependent upon the route for its fuel supplies.

Price Hikes Create A Domino Effect

The CNG price hike usually has a domino effect. The increase in price directly raises the running costs for daily commuters, cab operators, and auto-rickshaw drivers. Besides, the cost of logistics also goes up, leading to higher retail prices for everyday goods.

ALSO READ: 'Can Manage’ vs ‘Hard To Afford': Delhiites Share Mixed Reactions To Fuel Price Hike | WATCH

Prices of petrol had earlier risen to Rs 2.61 per litre and diesel prices increased up to Rs 2.71 per litre. The cumulative impact of these fuel price hikes have started to show impact on household budgets. Not just transportation, prices of daily-use commodities like milk and bread have also gone up. 

Last week, speaking about the impact of the West Asia conflict, ONGC Director (Exploration) Sushma Rawat stated that the crude oil prices have remained highly volatile amid uncertainty over the conflict. "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," Rawat told ANI.

 


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