New Delhi: Fuel prices have increased significantly in India and Sri Lanka as global crude oil markets continue to face pressure due to rising tensions in the Middle East and concerns over international oil supply routes.
In India, petrol and diesel prices were raised by about Rs 3 per litre on Thursday, marking the first major fuel price increase in more than four years. The hike was announced by state owned oil companies after international crude oil prices climbed sharply in recent weeks.
The increase comes at a time when global markets are worried about instability around the Strait of Hormuz, one of the world’s busiest oil shipping routes. The growing tensions involving Iran and major world powers have created fears of possible disruptions to global oil supplies. As a result, crude oil prices in the international market have continued to rise, putting pressure on fuel importing countries like India and Sri Lanka.
Following the latest revision, petrol prices in New Delhi have gone up to nearly Rs 98 per litre, while diesel prices have crossed Rs 90 per litre. Similar increases have been reported in Mumbai, Chennai, Kolkata and other major cities. Officials from Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum said the price rise became necessary because oil companies were facing heavy losses due to high import costs.
The fuel price hike is expected to affect the daily lives of millions of people across India. Transport operators have already expressed concern over rising operational expenses, while economists say the increase may soon lead to higher food prices and transportation charges. Experts also warn that inflation could rise further if crude oil prices continue to remain unstable in the coming weeks.
Several opposition parties in India criticised the decision and accused the government of failing to protect ordinary citizens from rising living costs. However, government sources indicated that the increase was unavoidable because international crude prices had reached their highest levels in recent months.
At the same time, Sri Lanka has also announced higher fuel prices due to increasing global energy costs. The state owned Ceylon Petroleum Corporation revised prices earlier this month, raising the cost of petrol, diesel and kerosene.
Under the new rates, Octane 92 petrol in Sri Lanka increased by Rs 12 per litre to Rs 410, while auto diesel rose by Rs 10 to Rs 392 per litre. Prices of Octane 95 petrol and super diesel were also raised. Kerosene prices increased by Rs 10 per litre.
Sri Lanka continues to face economic challenges following the severe financial crisis that hit the country in 2022. Rising fuel prices have added further pressure on families already struggling with high living expenses and inflation. Public transport operators and businesses in the island nation have warned that the latest increase could lead to higher travel costs and rising prices of essential goods.
Economic analysts say both India and Sri Lanka remain highly vulnerable to changes in the international oil market because they depend heavily on imported fuel. Governments in the region are now closely monitoring global developments as uncertainty in West Asia continues to affect energy prices worldwide.