Fuel Price Hike: The prices of petrol and diesel were increased on Saturday, a third hike in the past ten days due to the ongoing fuel crisis. While the prices of petrol were increased by 87 paise per litre, the prices of diesel were hiked by 91 paise. After the latest move, the prices of petrol and diesel now stand at Rs 99.5 per litre and Rs 92.4 per litre respectively. The prolonged war between Iran and the US has led to an energy crisis throughout the world, and a surge in prices.
Earlier on May 15, the prices of both diesel and petrol were increased by Rs 3 per litre, followed by another hike of 90 paise four days later. The prices have now almost increased by Rs 5 per litre in the last 10 days after the latest hike. As per the dealers, the petrol in New Delhi will now cost Rs 99.51 per litre, adding that the diesel will cost Rs 92.49 per litre.
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The repeated hikes are likely to make the daily-use products costlier, leading to inconveniences. However, the government has maintained that there is no shortage of oil. It also advised the consumers to avoid the rumours and stop panic buying. The prices of diesel and petrol have remained largely unchanged since April 22.
As per the experts, the centre is soon likely to announce another hike to neutralise the losses of the oil companies in the past three months. As per Kotak Institutional Equities, the centre will need to hike the petrol and diesel prices by Rs 25-28 per litre to manage the situation.
The government is very careful while increasing the prices, as it will further lead to a hike in the prices of vegetables, milk, and other necessary entities due to a higher transportation cost.