Massive Shock: Petrol, Diesel Prices Hiked by ₹ 7.5 in 10 Days

The after affects of West Asia crisis on India are now clearly evident with fuel and natural gas prices soaring at an all time high. After adopting a wait and watch approach for a few weeks due to the assembly elections in several states, the government has started increasing their prices after the poll results.

In another big shock to consumers, the fuel prices of both Petrol and Diesel have been hiked for the fourth time in less than two weeks across the country. While the cost of one litre petrol is increased by Rs 2.61, diesel has become more dearer with an uptick of Rs 2.71.

The prices have been revised for the fourth time in the last ten days as oil companies are trying to offset their losses in the last few months despite the rising crude oil prices due to the ongoing geopolitical tensions following the conflict between US-Israel, which led to restrictions on the crucial waterway, Strait of Hormuz.

Both petrol and diesel have seen an incremental hike of more than Rs 7 in the last few days since the first rise after the election results were out on May 4. Following the latest increase, petrol in New Delhi is now priced at Rs 102.12 per litre, while diesel rates have risen to Rs 95.20 per litre. In other states, the prices are way higher compared to Delhi due to VAT taxes by the respective governments.

In telugu states, Vijayawada petrol touched Rs.117.19, while Guntur crossed Rs.117.59. Hyderabad fuel prices also witnessed a major jump, worrying common people.

The Central Government is facing the brunt of these hikes as public across the country are expressing deep dissent over lack of any foresight to keep the oil prices in check.

Whenever news about a potential peace deal between USA and Israel emerged, the crude oil prices appear to be in control in the international markets. As soon as the talks yielded no positive outcome, the prices immediately soared. This has been the story since the last couple of months.

With Trump recently hinting that the war is likely to end very soon, people across the globe are hoping that there would be some relief in the coming days.