Blitz Bureau
NEW DELHI:Following days of anticipation, the Government on May 15 raised the retail price of petrol and diesel by Rs 3 per litre.
The increase — first in nearly four years — came amid surging global crude oil prices and escalating tensions in West Asia.
The decision came as crude oil prices remain elevated due to supply concerns linked to the Strait of Hormuz and the ongoing Iran-related conflict. Oil marketing companies have been under severe financial pressure due to rising import costs.
The fuel price hike is expected to have a cascading impact on transportation costs, logistics and retail inflation, adding to the burden on consumers already grappling with rising prices of essential commodities.