The aftereffects of the West Asia crisis are now becoming increasingly visible in India, with fuel and natural gas prices witnessing a sharp surge. After maintaining a wait-and-watch approach for a few weeks due to assembly elections in several states, the government has now begun revising fuel rates following the announcement of poll results.
In a major blow to consumers, petrol and diesel prices have been hiked for the fourth time in less than two weeks across the country. Petrol prices have increased by Rs 2.61 per litre, while diesel has become costlier by Rs 2.71 per litre.
These repeated revisions come as oil companies attempt to recover losses amid rising global crude prices, driven by ongoing geopolitical tensions in West Asia, including disruptions linked to the Strait of Hormuz.
Overall, fuel prices have risen by more than Rs 7 per litre in the last few days since the first hike after the election results on May 4. Following the latest revision, petrol in New Delhi now stands at Rs 102.12 per litre, while diesel is priced at Rs 95.20 per litre. In several states, including Telangana and Andhra Pradesh, rates are significantly higher due to additional VAT charges.
In Telugu states, fuel prices have also surged sharply—petrol in Vijayawada has reached Rs 117.19 per litre, while Guntur has crossed Rs 117.59. Hyderabad has also witnessed a notable rise, adding to public concern over increasing transportation and daily living costs.
The Central Government is facing growing criticism as citizens express concern over the continued rise in fuel prices and the lack of effective measures to control them.
Global crude oil markets continue to remain volatile, heavily influenced by developments in the West Asia conflict. Whenever talks of a possible peace deal between the US and Israel emerge, prices tend to stabilize temporarily, but they spike again when negotiations stall.
With recent statements hinting at a possible resolution to the conflict, there is cautious optimism that global oil prices may ease in the coming days, offering some relief to consumers worldwide.
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