Petrol and diesel prices were hiked for the fourth time in 11 days amid the ongoing West Asia crisis. Petrol and diesel prices were raised by Rs 2.61-2.71 per litre on Monday, marking the fourth increase in less than two weeks as State-run Oil Marketing Companies (OMCs) retailers continued to pass on rising international oil prices to consumers. With this revision, petrol will now cost Rs 102.12 per litre in Delhi. Similarly, diesel will now cost Rs 95.20 per litre from 92.49 in the national Capital.
The latest increase in fuel prices is expected to add to the financial burden on commuters, transport operators and businesses across sectors. Notably, crude oil prices fell more than 4 per cent in futures trade on Monday amid growing optimism over a possible breakthrough between the US and Iran that could pave the way for reopening the Strait of Hormuz. The repeated hikes come against the backdrop of elevated global crude oil prices and a weakening rupee, both of which have raised import costs for oil marketing companies.