Fuel Prices Increased Again: In Five Days, Petrol Prices And Diesel Prices Hiked By Rs 4

New Delhi: Fuel prices have increased yet again in less than a week amid the ongoing war between the United States and Iran, leading to disruptions in energy supplies across the region. Petrol prices have been hiked by Rs 0.86, and diesel prices are up by Rs 0.83. After the hike, the new petrol rates have gone up from Rs 97.77 per litre to Rs 98.64, while diesel rates have risen to Rs 91.58.Last week on Friday (May 15), petrol and diesel prices were hiked by Rs 3 per litre after state-owned oil firms ended a four-year record hiatus in rate revision.Check Increased Petrol Rates In Metro Cities:Delhi Rs 98.64 (+0.87)Kolkata Rs 109.70 (+0.96 )Mumbai Rs 107.59 (+0.91 )Chennai Rs 104.49 (+0.82)Check Increased Diesel Rates In Metro Cities:Delhi Rs 91.58 (+0.91)Kolkata

Rs 96.07 (+0.94)Mumbai Rs 94.08 (+0.94)Chennai Rs 96.11 (+0.86)Notably, petrol and diesel rates remained unchanged since April 2022 until they were increased last week.State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had abandoned the daily price revision in April 2022 to insulate domestic consumers from a steep price increase that was warranted because of international oil prices shooting through the roof post Russia's invasion of Ukraine.Also Read: 500 Staff, 30,000 Litres of Fuel Saved: Anupam Mittal Shares WFH MathThey incurred heavy losses in the first half of the 2022-23 fiscal year, which they recouped when rates fell in subsequent months. But the war in West Asia has again sent international oil prices soaring by over 50 per cent.

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Notably, the fuel crisis cropped up after the start of the US-Iran war on February 28. After the US and Israeli strikes, Iran's Islamic Revolutionary Guard Corps (IRGC) virtually blocked the Strait of Hormuz, while on April 13, the US also imposed a naval blockade in the key waterway, preventing ships from leaving and entering Iranian ports.The strait accounted for 20 per cent of the world's crude oil and liquefied natural gas (LNG) trade before the start of the war.