Petrol prices rise again in Delhi and Mumbai amid global supply disruptions

The Ministry of Petroleum and Natural Gas has raised petrol prices by nearly Rs. 1 per litre, marking the second increase within five days. CNG prices have not changed during this period. This follows a previous hike on 15 May, when petrol and CNG prices rose by up to Rs. 3 per litre.

Key Highlights

• Petrol price increased by nearly Rs 1 per litre within five days
• The current petrol price is Rs 98.64 in Delhi and Rs 107.59 in Mumbai
• Crude oil trades at around USD 107 per barrel due to global supply disruptions
• OMCs' daily losses reduced from Rs 1000 crore to Rs 750 crore after recent hikes

Current Petrol Prices in Major Cities

After the latest increase, petrol now costs Rs. 98.64 per litre in Delhi. In Mumbai, the price has reached Rs. 107.59 per litre. These changes reflect ongoing volatility in the global energy market.

Global Factors Affecting Fuel Prices

The ongoing conflict involving Iran, America, and Israel has disrupted energy supplies worldwide. As a result, crude oil prices have surged and are currently trading at around USD 107 per barrel. This rise in crude oil and lubricant prices has directly impacted domestic fuel costs.

Impact on Oil Marketing Companies

Oil marketing companies (OMCs) in India had been facing losses of nearly Rs. 1000 crore per day due to the crisis in West Asia. The recent Rs. 3 per litre price hike has reduced these losses by Rs. 250 crore, bringing the daily loss down to Rs. 750 crore.

Consequences for Consumers and Economy

The increase in petrol prices has led to higher daily running costs for Indian consumers. The cost of essential commodities is also expected to rise as a result of higher transportation expenses. This situation places additional financial pressure on households across the country.

Also Read: BIS introduces standards for high ethanol-blended petrol amid rising energy concerns

CarBike 360 Says

The latest petrol price hike in Delhi and Mumbai highlights the growing impact of global supply disruptions on India’s fuel economy. As crude oil markets remain volatile, consumers may continue to face pricing pressure in the near term. Monitoring international trends and government measures will be crucial in determining whether relief is possible or further hikes lie ahead.