Chennai, May 23:
Fuel prices continued their upward trend on Saturday, with petrol and diesel rates being hiked for the third time in just ten days, adding to concerns over rising living costs.
Oil marketing companies increased petrol prices by 87 paise per litre and diesel by 91 paise per litre, reflecting sustained pressure from elevated global crude oil prices. The latest revision comes amid volatility in international energy markets, driven largely by geopolitical tensions in West Asia.
This marks a continuation of a recent pattern of incremental hikes. After a gap of several years, fuel prices were first raised earlier this month, followed by another increase within days. With the latest revision, prices have risen by nearly ā¹4 per litre over a short span, signalling a shift towards more frequent adjustments in response to global trends.
Industry observers note that state-run fuel retailers have been absorbing higher input costs for some time, and the recent hikes are aimed at narrowing those losses. However, the repeated increases are expected to have a cascading impact on transportation costs, which could in turn push up prices of essential commodities.