Chennai, May 25:
Petrol and diesel prices were hiked for the fourth time within the last 11 days amid the ongoing Iran war. With the latest hike of over Rs 2, petrol prices have crossed Rs 100 per litre in Delhi.
On Monday, petrol prices were increased by Rs 2.61. Meanwhile, diesel prices were hiked by Rs 2.71. The latest hike will add pressure on households already dealing with inflation. The increase in the price of diesel will increase the cost of logistics, thereby, impacting the cost of daily essential items. Milk and bread are already selling at a higher price due to previous hikes in fuel prices. Ironically, the latest increase in fuel prices comes on the day when Brent Crude fell over 5 per cent to slip below the mark of $100 per barrel for the first time this month.
The ongoing Iran war has disrupted the global oil supply. The disruption at the Strait of Hormuz, a critical route for oil-carrying vessels, has shot up crude oil prices significantly. For several weeks, India’s oil marketing companies (OMCs) continued to sell regular petrol and diesel at old prices despite buying crude oil at a higher price.