Petrol, diesel prices hiked for 4th time in 10 days

The prices of petrol and diesel have seen another hike on Monday, fourth such hike in less than two weeks amid uncertainties stemming out of the US-Iran conflict in West Asia and the closure of the Strait of Hormuz.The prices of petrol and diesel have seen another hike on Monday, fourth such hike in less than two weeks amid uncertainties stemming out of the US-Iran conflict in West Asia and the closure of the Strait of Hormuz.
According to the latest information, petrol prices have been increased by Rs. 2.61 in Delhi from Rs99.51 to Rs. 102.12, while diesel prices have been increased by Rs. 2.71 in Delhi from Rs92.49 to Rs95.20. Now after the fourth hike, petrol prices in Kolkata have been hiked by Rs. 2.87 to Rs. 113.51, while prices in Mumbai have gone up by Rs. 2.72 to Rs. 111.21. Chennai has seen petrol prices go up by Rs. 2.46 and now stand at Rs. 107.77.
As far as diesel is concerned in the other three metros, rates have been increased by Rs. 2.80 and Rs. 2.81 in Kolkata and Mumbai respectively, taking the fresh tally to Rs. 99.82 and Rs.97.83 respectively. Diesel rates in Chennai have been hiked by Rs. 2.57, with fresh tally now at Rs. 99.55.
 India imports over 88% of the crude oil it processes and pays in dollars, making it doubly vulnerable to both oil price spikes and currency depreciation. Meanwhile, global oil prices witnessed a sharp decline of more than five per cent amid hopes of a possible peace agreement to end the ongoing conflict between the United States and Iran, despite US President Donald Trump downplaying the possibility of an immediate breakthrough.