Petrol Prices Surge: Delhi Hits ₹100 Milestone as Global Oil Volatility Hits India

If you're heading to the fuel station today, you might want to brace your wallet. Petrol prices in New Delhi have officially crossed the ₹100 mark, currently sitting at ₹102.12 per litre. This comes after a series of hikes that have seen petrol climb by ₹2.61 and diesel by ₹2.71 in just the last two weeks. Diesel isn't far behind in the capital, now costing ₹95.20 per litre.

The situation is even more intense in other major metros. Mumbai has seen petrol prices soar past ₹110, with the latest rate standing at ₹111.18 per litre. Meanwhile, residents in Hyderabad and Kolkata are seeing petrol prices of ₹115.73 and ₹113.51 respectively. These revisions are part of a push by oil marketing companies to recover losses as global crude prices have surged past the $100 per barrel mark.

What exactly is driving this spike? A big part of the story is happening far away from India's borders. The ongoing US-Iran conflict and the closure of the Strait of Hormuz have kept global energy markets on edge, leading to elevated crude prices. Because India relies heavily on imported crude, these global fluctuations hit home quickly.

It’s not just the global price of oil, though. The value of the Indian rupee against the US dollar plays a huge role; a weaker rupee makes importing oil more expensive. On the home front, taxes levied by both the central and state governments make up a substantial portion of the final price, which is why rates differ across states. For now, with international volatility remaining high, the pressure on the pump shows no signs of slowing down.

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