Petrol and diesel prices have increased sharply across the country, bringing a major shock to common people. Petrol prices have gone up by ₹3.14 per liter, while diesel has become costlier by ₹3.11 per liter.
In Delhi, petrol is now being sold at ₹97.91 per liter and diesel at ₹90.78 per liter.
The price hike comes at a time when global crude oil prices are rising rapidly due to the ongoing Iran-US conflict and tensions in West Asia.
Crude Oil Prices Reach $126 Per Barrel
According to reports, crude oil prices, which were around $70 per barrel until recently, have now climbed to $126 per barrel.
Because of this sudden rise, Indian state-owned oil companies were reportedly facing losses of nearly ₹1,000 crore every day. Monthly losses were estimated at around ₹30,000 crore.
Due to these heavy losses, the government finally decided to allow an increase in petrol and diesel prices after keeping rates stable for nearly four years.
Fuel supply concerns linked to the war in West Asia are also affecting the Indian market directly.
New Petrol and Diesel Rates in Delhi
After the latest revision, fuel prices in Delhi have changed significantly.
Earlier, regular petrol was priced at ₹94.77 per liter, but it has now increased to ₹97.77 per liter. Diesel prices have also risen from ₹87.67 per liter to ₹90.67 per liter.
The government had avoided increasing retail fuel prices for a long time despite the Iran-US war that began on February 28. However, rising global oil prices and increasing pressure on oil companies forced the decision.
PM Modi Appeals To Save Fuel and Foreign Exchange
Amid the ongoing crisis, Prime Minister Narendra Modi had earlier appealed to citizens to use petrol and diesel carefully. He also advised people to avoid unnecessary foreign travel and focus on saving foreign exchange.
Meanwhile, the Indian rupee has weakened sharply and has fallen below 95 against the US dollar, adding more pressure on the economy.
