Tamil Nadu: Petrol and diesel prices rise again, third increase in 10 days
Tamil Nadu: Petrol and diesel prices were hiked again on Saturday (May 23). This is the third increase in fuel prices in the last ten days. The continuously rising prices are placing an additional financial burden on ordinary consumers and impacting transportation-related sectors.
The rise in crude oil prices in the international market is being attributed to ongoing global tensions. According to reports, the ongoing conflict between Iran, Israel, and the United States has impacted global gas supplies, disrupting the oil supply system and increasing uncertainty in the international market.
Meanwhile, oil traffic in the Strait of Hormuz, considered one of the world’s most important oil shipping routes, remains disrupted. This has impacted crude oil supplies and led to a spike in prices. This has directly impacted several countries, including India, Sri Lanka, Pakistan, and China. Fuel prices in these countries are continuously rising, increasing economic pressure.
According to reports, petrol and diesel prices remained stable for nearly four years after April 2022, remaining unchanged. However, this trend has changed recently, with a steady increase.
The first major increase in petrol and diesel prices was made on May 15th, raising the prices of both fuels by ₹3 per liter. This was followed by another price revision on May 19th, with petrol prices increasing by 87 cents per liter and diesel by 91 cents per liter.
The subsequent price increase on May 23rd has increased consumer concerns. The continued increases have begun to impact transportation costs, the movement of goods, and daily necessities. Experts believe that oil prices may continue to fluctuate until the international situation returns to normal.
This increase in fuel prices comes at a time when the global economy is already facing numerous challenges. Disruptions in oil supplies and geopolitical tensions have further complicated the situation.
The government and oil companies are currently monitoring the situation, but due to the volatility in the international market, further price fluctuations cannot be ruled out in the coming days.
