Fuel prices hiked for fourth time in five days

The government on Saturday increased the prices of petrol and diesel for the fourth time in five days.

Petrol prices in Delhi stood at  Rs 98.61 per litre after an increase of 80 paise while diesel prices rose from Rs 89.07 per litre to Rs 89.87. 

The prices of diesel and petrol have gone up by Rs 3.20 a litre in the last four increases after rates were frozen in November ahead of the assembly elections in Indian states.

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Reports said the cost of crude oil had soared to $117 per barrel compared to around $82 in November. The fuel prices were revised for the very first time on Tuesday after a gap of more than four months.

In Mumbai, petrol costs Rs 113.35 per litre and Rs 97.55 per litre for diesel. In Chennai city located in southern India, petrol now costs Rs 104.43 and diesel Rs 94.47 per litre.

India imports 85 per cent of its crude oil requirements. The prices of fuel have been fluctuating since the outbreak of the war in Ukraine last month.

Fuel prices have also hit Europe after Russia's invasion of Ukraine on February 24 as Germany announced it would temporarily slash public transport prices to encourage people to stop taking cars amid soaring petrol costs.

Spain has also been hit hard due to rising fuel costs amid mass protests by farmers and rising inflation as consumer prices surged to its highest level in decades.

Spain's lorry drivers had also launched a strike to protest against rising fuel prices even as Prime Minister Pedro Sanchez said the country was experiencing "extraordinarily complex times".

(With inputs from Agencies)