NEW DELHI – Petrol and diesel prices in India have been increased for the second time this week amid disruption in global supplies due to the Middle East tensions.
In New Delhi, petrol and diesel prices were raised by approximately 0.90 INR per liter.
New Petrol, Diesel Prices in India
Following the hike, petrol in Delhi now costs 98.64 INR per liter, while diesel is priced at 91.58 INR per liter.
Earlier, last Friday, fuel prices had increased by 3 INR per liter, prompting sharp criticism from opposition parties against the Modi government.
The Indian Ministry of Petroleum stated that state-run oil companies are incurring daily losses of billions of rupees on the sale of petroleum products.
Oil prices dropped nearly 2% in early Asian trading on Tuesday after U.S. President Donald Trump announced he had put a planned military strike on Iran on hold to allow for diplomatic negotiations aimed at ending tensions in the Middle East.
Brent crude for July delivery fell $1.98, or 1.8%, to $110.12 per barrel at 0628 GMT, while U.S. West Texas Intermediate (WTI) for June delivery edged down 30 cents, or 0.3%, to $108.36 per barrel. Both benchmarks had reached their highest levels since early May during the previous session.
The June WTI contract is set to expire on Tuesday, while the more active July contract declined $1.15, or 1.1%, to $102.23 per barrel.
On Monday, Trump stated there was a “very good chance” of reaching an agreement with Iran to prevent the country from developing a nuclear weapon, following his decision to pause military action in favor of negotiations.
