India Fuel Price Hike: Petrol at 97.77, Diesel 90.67 in Delhi

In a significant blow to commuters, petrol and diesel prices jumped nationwide on Friday. Delhi sees petrol at 97.77 rupees after a 3.14-rupee hike, while diesel stands at 90.67 rupees, up 3.11 rupees per litre. CNG prices followed suit, rising 2 rupees per kg to 79.09 in the capital. The revision stems from persistent surges in global crude oil prices, exacerbated by Middle East conflicts disrupting supply chains. State-run oil firms, grappling with massive under-recoveries, had no choice but to pass on costs to consumers. Data from the Petroleum Planning & Analysis Cell shows the Indian crude basket exceeding 100 dollars per barrel consistently, peaking at 114 dollars last month. Minister Puri highlighted daily losses over 1,000 crore, projecting catastrophic quarterly figures without intervention. PM Modi's call for prudent fuel use and reduced non-essential spending underscores the crisis. With the rupee at a record low past 95 to the dollar, import bills are ballooning. Layered taxes amplify the pain at pumps, fueling inflation concerns. Analysts foresee continued fluctuations, advising consumers to brace for higher mobility costs in the coming weeks.