Petrol and Diesel Prices Raised for Fifth Time in Two Weeks, Fuel Rates Cross ₹108 in Chennai

Vehicle owners across the country have been shocked after petrol and diesel prices were increased for the fifth time in the last two weeks.

The repeated fuel price hikes come amid global energy supply disruptions caused by ongoing tensions involving the United States, Israel, and Iran in the Middle East.

The conflict between the United States and Iran has significantly impacted the global crude oil market. Although the war situation has temporarily eased, its effects continue to influence international energy trade.

One of the major reasons behind the sharp rise in crude oil prices is the disruption in cargo movement through the Strait of Hormuz, one of the world’s most important energy trade routes.

Countries with large populations including India, Sri Lanka, Pakistan, and China are among those heavily affected by the rising fuel costs.

Petrol and diesel prices had remained unchanged for nearly four years since April 2022. However, public sector oil companies revised prices upward beginning May 15.

Following that, fuel prices were increased on May 15, May 19, May 23, and May 25.

Now, for the fifth time in two weeks, petrol and diesel prices were increased again on Monday, May 26.

In Chennai, petrol prices have been increased by 24 paise per litre and are now being sold at ₹108.01 per litre.

Diesel prices have also gone up by 23 paise per litre, taking the retail price to ₹99.78 per litre.

The continued rise in fuel prices has triggered concern among motorists and consumers, with experts warning that transportation and commodity costs could also increase if global crude oil prices remain elevated.