Petrol and diesel prices were increased by Rs 3 per litre on Friday, marking the first fuel price hike in over four years. The revision comes as oil marketing companies face mounting losses due to rising global crude oil prices.
The increase was announced 16 days after the conclusion of Assembly elections in Assam, Kerala, Tamil Nadu and West Bengal. Fuel prices had remained unchanged during the election period despite a surge in international crude prices caused by tensions in West Asia.
Following the hike, petrol price in Delhi rose from Rs 94.77 to Rs 97.77 per litre, while diesel price increased from Rs 87.67 to Rs 90.67 per litre, according to industry sources.
