India's state-run oil marketing companies raised petrol and diesel prices on Monday, marking the fourth fuel-price hike in 10 days [4].
These frequent increases place significant financial pressure on consumers and transport sectors, potentially fueling inflation across the economy as transportation costs rise.
The price of petrol increased by ₹2.61 [1], bringing the new cost to ₹102.12 per litre [2]. Diesel prices rose by ₹2.71 [3], resulting in a new price of ₹95.20 per litre [4]. These adjustments were implemented across major Indian cities, including Delhi.
Government officials and oil companies said the price surges were due to rising global crude-oil prices and a weakening rupee [5]. These economic pressures are driven by the ongoing West Asia conflict and disruptions around the Strait of Hormuz [6]. Crude oil prices have risen from near $70 per barrel to higher levels [7].
Opposition leaders, including Rahul Gandhi, have criticized the central government's handling of the situation. Gandhi said the government is attacking the pockets of the public after making poll promises.
Other opposition members have criticized Prime Minister Narendra Modi's appeals for citizens to save fuel in the name of patriotism while the government continues to raise prices. Critics said there is a contrast between these appeals and the frequency of the hikes occurring this month.
“the fourth fuel-price hike in ten days”
The rapid succession of price hikes reflects India's vulnerability to geopolitical instability in the Middle East. Because India relies heavily on imported crude oil, disruptions in the Strait of Hormuz and a volatile rupee directly translate to higher costs at the pump, limiting the government's ability to shield consumers from global market shocks.
