Petrol Price Up By Rs 7.5 Per Litre In 10 Days, Stokes Household Inflation Fears

New Delhi: The Union Government has hiked the petrol price by around Rs 7.5 per litre, adding significant pressure to the households who are already fearing inflation. The Centre on Monday raised the petrol and diesel prices by Rs 2.61 and Rs 2.71 respectively, marking the fourth hike in the past 11 days.

The notable hike in the fuel price directly influences logistics, hence impacting the cost of daily essential items. Several food products and others are already hiking their prices due to the ongoing oil disruptions due to the war on Iran, and the closure of the Strait of Hormuz. Despite the global fuel disruption, India maintained the fuel price intact until earlier this month.

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The disruption at the Strait of Hormuz, a critical route for oil-carrying vessels, has increased the crude oil price significantly. The  Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) were selling the petrol at regular rate till earlier this month.

However, the government hiked the price, saving the oil companies from huge cumulative loses. The government had reduced the tax of petrol and diesel to shield consumers from surging global crude oil prices in March.

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