Petrol, Diesel Prices Hiked Amid Global Oil Crisis; Government Says Citizens Being Shielded From Full Shock
India on Friday witnessed a fresh hike in petrol and diesel prices as the Centre raised fuel rates by Rs 3 per litre amid escalating global crude oil prices triggered by the ongoing West Asia conflict and disruption in the Strait of Hormuz — one of the world’s most critical oil supply routes.
Government sources defended the move, saying the Centre and public sector oil companies had been “shielding citizens instead of passing the entire oil shock” onto consumers for nearly 10 weeks despite mounting losses. According to officials, oil marketing companies were reportedly absorbing losses of around Rs 1,000 crore to Rs 1,600 crore daily as global crude prices surged above $100 per barrel.
The latest revision pushed petrol prices in Delhi to Rs 97.77 per litre and diesel to Rs 90.67 per litre. In Mumbai, petrol climbed to Rs 106.68 while diesel reached Rs 93.14 per litre. Kolkata and Chennai also saw significant increases. CNG prices in Delhi were simultaneously raised by Rs 2 per kg to Rs 79.09.
The fuel price hike comes amid growing global concerns over energy security following disruptions in oil shipments through the Strait of Hormuz due to the Iran conflict. Analysts say India, which imports nearly 90% of its crude oil requirement, had delayed retail price revisions longer than many countries despite heavy pressure on refiners and government finances.
Government-backed sources claimed India’s fuel price increase remains comparatively smaller than many major economies, where fuel costs reportedly rose between 20% and 90% in recent weeks. Officials argued that unlike several nations that immediately passed on the full impact to consumers, India continued with price stability for weeks to protect citizens from sudden inflationary pressure.
Political reactions, however, remained divided. Opposition parties criticised the timing of the hike, alleging it would worsen inflation and increase the burden on common people. The BJP defended the move, calling it necessary during an unprecedented global energy crisis and urged “economic patriotism” during the challenging period.
Meanwhile, Prime Minister Narendra Modi has already appealed to citizens to reduce unnecessary fuel consumption, use public transport whenever possible, and adopt energy-saving measures. Reports also suggest austerity measures are being encouraged across several sectors to reduce fuel demand and ease pressure on India’s import bill.
Energy experts believe the current increase may not be the last if global crude prices continue to remain elevated. Economists have warned that prolonged geopolitical instability in West Asia could further impact inflation, transportation costs, and household expenses across India in the coming weeks.
Source:- National Media
