Fuel prices across India have increased once again as oil companies announced a major hike in petrol and diesel rates effective from May 15. Petrol and diesel prices have been increased by ₹3 per litre, while CNG prices have gone up by ₹2 per kg.
The latest fuel price revision comes amid rising global crude oil prices triggered by ongoing tensions in West Asia. The increase is expected to impact daily commuters, transport sectors, logistics businesses, and household expenses across the country.
According to reports, international crude oil markets witnessed sharp fluctuations in recent weeks due to geopolitical uncertainty in West Asia. As India imports a significant portion of its crude oil requirements, any rise in global oil prices directly affects domestic fuel rates.
Petrol And Diesel Prices Increased Across India
Oil marketing companies announced the following hikes:
- Petrol price increased by ₹3 per litre
- Diesel price increased by ₹3 per litre
- CNG price increased by ₹2 per kg
The revised fuel prices came into effect from May 15 across India.
Impact On Common People
The fuel price hike is expected to increase transportation costs and may also affect prices of essential goods and services. Auto drivers, cab operators, delivery services, and businesses dependent on fuel transportation could face higher operating costs.
Experts believe the rising crude oil prices and geopolitical tensions in West Asia are the key reasons behind the latest revision in fuel prices.
Why Fuel Prices Are Rising
India depends heavily on imported crude oil. When international crude oil prices rise, oil companies adjust domestic fuel prices accordingly. The ongoing tensions in West Asia have created uncertainty in global energy markets, leading to higher crude oil rates worldwide.
Citizens across several cities are closely monitoring fuel prices as the increase may influence inflation and everyday expenses.
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