Massive Shock: Petrol, Diesel Prices Hiked by ₹ 7.5 in 10 Days
Gulte • • business
Key Points:
- India is experiencing a significant increase in fuel and natural gas prices due to the West Asia crisis, with petrol and diesel prices being hiked for the fourth time in less than two weeks following recent state assembly elections.
- Petrol prices in New Delhi have risen to Rs 102.12 per litre, and diesel to Rs 95.20 per litre, while prices in Telugu states like Vijayawada, Guntur, and Hyderabad have surged even higher due to additional VAT taxes.
- The price hikes are attributed to oil companies attempting to recover losses amid rising crude oil prices caused by geopolitical tensions, particularly the US-Israel conflict and restrictions on the Strait of Hormuz waterway.
- Public dissatisfaction is growing against the Central Government for its perceived lack of foresight in controlling fuel prices, which have increased by over Rs 7 in a few days since May 4.
- Optimism for a price relief exists as recent news of potential peace talks between the USA and Israel have temporarily stabilized crude oil prices, with former President Trump suggesting the conflict might end soon.