Oil Marketing Companies on Monday increased petrol prices by Rs 2.61 per litre and diesel prices by Rs 2.71 per litre, marking the fourth hike in less than two weeks.
With the latest revision, diesel price in Delhi has risen to Rs 95.20 per litre, while petrol now costs Rs 102.12 per litre.
Earlier on Sunday, senior executives from state-run oil companies ONGC and Bharat Petroleum Corporation Ltd said the recent increase in petrol and diesel prices reflects the impact of prolonged geopolitical tensions in West Asia, rising global crude oil prices and mounting pressure on oil marketing companies due to under-recoveries.
Speaking about the impact of the West Asia conflict, ONGC Director (Exploration) Sushma Rawat noted that crude oil prices have remained highly volatile amid uncertainty over the conflict.
"Whenever there is a declaration that there is a peace accord, the crude prices start to dip. And when you realise that there is no solution, the prices go up again," Rawat told ANI.
(With inputs from ANI)
