PINAKI MAJUMDAR
Jamshedpur, May 19: In a fresh blow to consumers, petrol and diesel prices have been increased again across the country, marking the second fuel price hike within just five days.
The repeated increase in fuel rates is adding to the financial burden on consumers and raising concerns over inflation and rising transportation costs.
Petrol crosses Rs 101 in Ranchi and Jamshedpur
With effect from Tuesday, petrol and diesel prices in Jharkhand have reached new highs.
In Ranchi, petrol is now priced at Rs 101.76 per litre, up by 90 paise, while diesel costs Rs 96.52 per litre, an increase of 87 paise.
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In Jamshedpur, petrol is being sold at Rs 101.65 per litre, while diesel is priced at Rs 96.63 per litre.
The latest revision comes days after a major hike on May 15, when petrol prices were increased by Rs 3 per litre and diesel by Rs 3.14 per litre.
The earlier increase had triggered fuel shortages across Jharkhand, leading to long queues at petrol pumps in Jamshedpur and several other districts.
Although the supply situation had recently started returning to normal, the fresh hike has once again sparked concern among consumers.
Global crude oil prices behind increase
Experts attribute the latest fuel price rise mainly to the sharp increase in global crude oil prices amid escalating geopolitical tensions.
International crude oil prices, which hovered around $70 per barrel before tensions between Iran and the United States intensified, have now crossed the $100 per barrel mark.
Another key reason is the growing financial pressure on domestic oil companies, which have reportedly been absorbing losses by selling fuel below rising import costs.
Analysts warned that if global crude prices continue to rise, further increases in petrol and diesel prices may become unavoidable in the coming weeks.