Tamil Nadu: Petrol and diesel become expensive again due to Middle East tension and surge in oil prices
Tamil Nadu: Petrol and diesel prices have seen a steady increase over the past two weeks, placing additional financial burdens on motorists and consumers. This is the fifth price increase during this period, sharply increasing daily fuel costs in many cities. This fluctuation in oil prices is being attributed to pressure on global crude oil supply and demand.
According to reports, the ongoing tensions and conflicts in the Middle East, widely seen as a Middle East war, have impacted the global energy supply chain. The escalating tensions between the United States, Israel, and Iran are also clearly visible on the crude oil market. This situation has destabilized global gas supplies and oil trade.
While the situation is reported to have calmed down for a while, its impact has not yet fully subsided. In particular, cargo traffic remains disrupted in the Strait of Hormuz, a vital route for global energy trade. Due to this, crude oil prices are continuously rising in the international market.
The impact of these rising prices is not limited to major oil exporting and importing countries, but has also affected countries with large populations. These include countries like India, Sri Lanka, Pakistan, and China, where the increase in fuel prices is directly impacting transportation, commodity prices, and daily life.
Reflecting on the price revision process of oil companies in India, the first increase in petrol and diesel prices was recorded on May 15th after a long gap since April 2022. Subsequently, state-owned oil marketing companies increased prices four times in a row on May 15th, 19th, 23rd, and again on May 25th. This has led to a continuous upward trend in fuel prices in the market.
In this sequence, petrol and diesel prices were again increased in Chennai this morning, May 26th, marking the fifth increase in the last two weeks. This continuous increase has caused concern and dissatisfaction among local motorists.
Experts believe that fuel prices may continue to fluctuate until there is stability in global crude oil supplies and geopolitical tensions.
