Petrol, Diesel prices hiked 3rd time in a week
Petrol and diesel prices were hiked once again across India on Saturday, marking the third increase in fuel rates within eight days amid rising international crude oil prices.
State-run oil marketing companies (OMCs) increased petrol prices by around 87 paise per litre and diesel prices by about 91 paise per litre in Delhi.
Following the latest revision, petrol in Delhi is now priced at Rs 99.51 per litre, while diesel costs Rs 92.49 per litre.
The fuel price hike comes after two earlier increases this month, including a sharp Rs 3 per litre revision followed by another 90 paise increase earlier this week.
Meanwhile, Indraprastha Gas Limited (IGL) also raised CNG prices by Rs 1 per kg, the third increase in 10 days. CNG in Delhi now costs Rs 81.09 per kg, while rates in Noida and Ghaziabad have risen to Rs 89.70 per kg.
According to reports, state-run oil companies have claimed they are facing heavy losses due to soaring crude oil prices. Officials said diesel is currently being sold at a loss of Rs 25-30 per litre, while petrol losses are estimated at Rs 10-14 per litre.
The Ministry of Petroleum and Natural Gas assured that India has sufficient fuel stocks and urged citizens to avoid panic buying during the ongoing high-demand period.
The latest surge in fuel prices has been linked to volatility in global oil markets due to tensions in the Middle East and uncertainty surrounding oil supplies. Brent crude prices recently crossed the $100 per barrel mark, significantly impacting fuel-importing countries like India, which imports nearly 85% of its crude oil requirements.
