Petrol and diesel prices were increased by around 90 paise per litre on Tuesday, marking the second hike in less than a week after state-run oil companies resumed revisions following a nearly four-year freeze.
In New Delhi, petrol prices rose to Rs 98.64 per litre from Rs 97.77, while diesel increased to Rs 91.58 from Rs 90.67.
The latest revision follows a Rs 3 per litre hike announced on Friday, the first increase in over four years, as soaring global crude oil prices, triggered by the Iran conflict, forced fuel retailers to pass on a portion of mounting losses after months of holding prices steady.
Fuel prices vary across states due to differences in value-added tax (VAT).
Compressed natural gas (CNG) prices have also seen consecutive increases. On May 15, rates were raised by Rs 2 per kg in cities including Delhi and Mumbai, followed by another Re 1 per kg hike on Sunday.
Global crude oil prices have surged over 50 per cent since US-Israeli strikes on Iran on February 28 and Tehran’s retaliation disrupted shipments through the Strait of Hormuz, a critical global oil transit route.
(With inputs from TNIE)
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