Fuel prices hiked again: Petrol and diesel rates rise for fourth time in two weeks

NEW DELHI: Oil marketing companies have once again raised fuel prices, marking the fourth hike in just two weeks. Petrol prices have been increased by Rs 2.61 per litre, while diesel rates have gone up by Rs 2.71 per litre. Following the latest revision, petrol in Thiruvananthapuram is now priced at Rs 115.32 per litre, while diesel costs Rs 104.41 per litre.

The first fuel price hike after a long gap came on May 15. Since then, petrol prices have increased by Rs 7.50 per litre, while diesel prices have risen by nearly Rs 8 per litre.

With the latest revision, petrol prices in New Delhi have reached Rs 102.12 per litre. Diesel prices in the capital have increased from Rs 92.49 to Rs 95.20 per litre. Oil companies said the rise in crude oil prices and the weakening of the Indian rupee have made fuel imports more expensive, leading to the latest increase.

National oil companies, including ONGC and Bharat Petroleum, had earlier stated that the continuing tensions in West Asia and fluctuations in crude oil prices are putting additional pressure on the industry, which is still recovering from earlier losses. Restrictions on travel through the Strait of Hormuz have also created major challenges for oil companies over the past several months. According to ONGC Director Sushma Rawat, crude oil prices tend to fall whenever there are signs that the conflict may end, but rise again when such hopes fade.