Delhi. This morning brought yet another piece of bad news for the people already facing the brunt of inflation. Domestic oil companies have once again dealt a severe blow to the common man’s pocket. Petrol and diesel prices were hiked again today, pushing the price of petrol past ₹100 in many parts of the country, including Delhi.
This is the fourth time in just 20 days that fuel prices have been hiked, crushing the common man. This exorbitant increase not only has upset ordinary motorists, but also raises the prospect of increasing freight charges making everyday items even more expensive in the coming days.
Petrol crosses ₹102 in Delhi, diesel also at record levels
Following the latest revision, petrol prices in the capital Delhi have been hiked by ₹2.61 and diesel by ₹2.71 per liter. Following this increase, consumers will now have to pay ₹102.12 for a liter of petrol at Delhi petrol pumps.
Meanwhile, the new price of diesel has also risen to a record ₹95.20 per liter. It’s worth noting that the fuel price was also raised by 90 paise earlier this week, while just a few days before that, a one-time increase of ₹3 per liter was announced.
Tension with Gulf countries has spoiled the math of domestic budget
Oil companies are blaming global conditions for this steady rise in prices. In fact, ongoing military and political tensions in the Gulf countries have led to a continuous surge in crude oil prices in the international market.
The biggest and most direct impact of supply chain disruptions is falling on developing countries like India, which imports over 80% of its crude oil needs from abroad. Oil marketing companies clearly state that until global crude oil prices stabilize, it will be futile to expect any relief domestically.