Mumbai, May 16: Fuel prices in India have seen a significant increase, with petrol and diesel prices rising by ₹3 per litre as of May 15. In Mumbai, petrol is now priced at ₹97.77 per litre, while diesel costs ₹90.67 per litre. Additionally, the cost of CNG has also risen by ₹2 per kilogram, bringing the price to ₹79.09 per kilogram in the city.
This hike in fuel prices is attributed to fluctuations in international crude oil prices, which have surged from around $70 to over $100 per barrel due to geopolitical tensions, particularly the ongoing conflict involving Iran and the United States. Oil companies, facing pressure from rising costs, have implemented these increases to offset losses.
Experts warn that if crude oil prices remain high for an extended period, further increases in petrol and diesel prices may follow. This marks the first increase in petrol prices in four years, highlighting the impact of global market dynamics on domestic fuel costs.
In related news, India and the UAE have signed a Memorandum of Understanding (MoU) to enhance LPG supply to India, further indicating the complex interplay of international agreements and domestic economic conditions.