Breaking: Petrol, Diesel Prices Rise 3+ Rupees in India Today

Fuel costs have climbed higher across the country from Friday, hitting Delhi with petrol at 97.77 rupees per litre (up 3.14 rupees) and diesel at 90.67 rupees (up 3.11 rupees). CNG in the capital now costs 79.09 rupees per kg after a 2-rupee increase. Geopolitical tensions in the Middle East have sent crude oil prices soaring globally, forcing Indian oil majors to revise retail rates. Companies cite unsustainable losses, with daily hits over 1,000 crore rupees amid crude above 100 dollars per barrel. April's Indian basket averaged 114 dollars, dipping slightly to 104 dollars in May, per PPAC figures. Puri's earlier alerts about potential 1 lakh crore quarterly losses have materialized into action. Echoing the urgency, PM Modi appealed for fuel conservation, gold buying restraint, and travel curbs to safeguard forex reserves. The rupee's plunge beyond 95 per dollar worsens the import crunch. Beyond crude, excise, VAT, and commissions inflate pump prices, directly impacting daily commuters and businesses. With market instability lingering, further adjustments seem inevitable, intensifying economic pressures on average Indians.