Petrol and Diesel Price: Government sources have stated that a future increase in petrol and diesel prices cannot be ruled out. This is due to the significant increase in global crude oil prices.

Petrol-Diesel Price News: Another major inflation bomb is about to explode in your pocket. Petrol and diesel prices are set to rise nationwide. Government sources have indicated that a significant increase in petrol and diesel prices cannot be ruled out in the near future. This means that prices that have remained stable for the past four years are now poised to ruin your budget.

Crude oil prices are on fire.

Government sources told the news agency PTI that the escalating tensions between the US and Iran and the stalled peace talks have caused a stir in the global oil market. International crude oil prices have reached a four-year high of $126 per barrel. The entire world is now focused on the Strait of Hormuz.

Why will prices increase in India?

In fact, the losses of state-owned oil companies are becoming unbearable. Retail prices have been kept stable for the past four years, but now the situation has changed. According to Oil Ministry officials, companies are incurring losses of around 20 rupees per liter on petrol and nearly 100 rupees per liter on diesel. Crude oil, which was $70 last year, now averages over $114.

Earlier, it was estimated that oil prices in the country could rise by 25 to 28 rupees per liter. However, the government completely dismissed these reports.

Recently, Indian Oil Corporation (IOC) issued a statement on behalf of the industry saying that despite the huge increase in international energy costs, there is no increase in the rates of petrol, diesel and domestic LPG.

LPG gas cylinder became expensive today

It's worth noting that today, on the first of May, companies have increased the prices of commercial LPG, industrial diesel, and jet fuel. Now, it's the turn of petrol and diesel for the common man. Currently, petrol in Delhi is priced at ₹94.77 and diesel at ₹87.67.