Commuting is becoming costlier day by day as petrol and diesel prices have gone up for the fourth time in a month. Surprisingly, in just 10 days, fuel prices have increased by approximately Rs. 7.25 per litre.
Today, on Monday, the latest hike was announced, where petrol prices have been increased by Rs. 2.61 per litre, while diesel prices have gone up by Rs. 2.71 per litre. The revised prices came into effect immediately. This has caused pressure on Indian household expenses and transportation costs.
Earlier, the first major increase happened around May 15, when fuel prices were raised by about Rs. 3 per litre after remaining unchanged for nearly 4 years. Then, after just 4 days, a second hike was announced with an increase of 90 paise per litre.
Surprisingly, then after, in the next five days, a third price hike was announced on May 23, with petrol and diesel becoming costlier again by nearly 90 paise per litre.
So now, overall fuel prices have increased by around Rs. 7.5 per litre in the last two weeks, creating concern among consumers and businesses.
Reports suggest that rising global crude oil prices, ongoing tensions in West Asia, and supply disruptions around the Strait of Hormuz have increased pressure on oil companies and contributed to repeated fuel price revisions. A weaker rupee has also added to the cost burden.
Experts warn that higher fuel prices may increase transportation costs and could eventually affect the prices of goods and services across the country, adding pressure on inflation.
Also Read: Petrol, Diesel Prices Hiked For The Third Time in One Month Amid Middle East Crisis https://www.vibesofindia.com/petrol-diesel-prices-hiked-for-the-third-time-in-one-month-amid-middle-east-crisis/
