Petrol and diesel prices suddenly increased from May 15, prices in Chennai reached new highs.
Delhi: Petrol and diesel prices across the country have been suddenly increased since the morning of May 15th. This unannounced increase has caused widespread concern. Chennai has seen a significant increase in the prices of both petrol and diesel, placing an additional financial burden on consumers.
According to reports, the price of a liter of petrol in Chennai has been increased by ₹2.83, bringing the price to ₹103.67 per liter. Similarly, the price of diesel has risen by ₹2.86 per liter, and it now sells for ₹95.25 per liter. This increase is considered the largest single increase in several months.
The rise in international crude oil prices, the ongoing conflict in West Asia, and the situation in the Strait of Hormuz are being cited as the primary reasons behind this increase in oil prices. These global circumstances have increased pressure on oil companies, which is directly impacting the domestic market.
Meanwhile, economic experts and officials have already warned that the situation could worsen. Reserve Bank of India Governor Sanjay Malhotra recently stated that rising global crude oil prices could increase pressure on India’s inflation, fuel imports, and economy. He also indicated that if the crisis in West Asia continues, petrol and diesel prices in India are bound to rise.
In addition, Prime Minister Narendra Modi, at a public event this week, appealed to people to conserve fuel and limit their use of petrol and diesel. While the public initially expected a price change only after the election process, the prices were suddenly increased after the final phase of the election and the results.
Fuel prices were expected to remain stable until the final phase of the election in West Bengal, but the increase after the results has surprised people. The public says this sudden change will impact their daily budgets and may lead to a rise in prices of other essential commodities in the future.
Experts believe that if international market conditions remain unchanged, further changes in fuel prices are possible in the coming days. This could have a direct impact on transportation, goods and services, and inflation.
Continuously rising fuel prices have increased public concern, and all eyes are now focused on the upcoming policies of the government and oil companies.
