Patna: Petrol and diesel prices were increased by Rs 3 per litre on Friday amid rising tensions in West Asia and a sharp surge in international crude oil prices following the ongoing conflict involving the United States and Iran.
The revised fuel prices came into effect on May 15 after oil marketing companies announced the increase.
Fuel Prices Rise Across Bihar
In Patna, petrol prices rose from Rs 105.37 per litre to Rs 108.67 per litre.
Diesel prices in the city also increased from Rs 91.65 per litre to Rs 94.65 per litre.
Similar increases were recorded in Nalanda:
- petrol prices climbed from Rs 105.87 to Rs 109.19 per litre
- diesel prices rose from Rs 92.10 to Rs 95.24 per litre
Crude Oil Prices Cross $100 Per Barrel
According to market observers, the primary reason behind the hike is the sharp increase in crude oil prices in international markets.
Before the escalation of tensions between the United States and Iran, crude oil was trading at around $70 per barrel.
Following the conflict, prices reportedly surged beyond the $100 per barrel mark, placing additional pressure on fuel companies.
Officials said oil companies were facing rising import costs and had raised retail fuel prices to offset mounting financial losses.
Analysts warned that if geopolitical instability continues and crude prices remain elevated for an extended period, fuel prices in India could rise further in the coming weeks.
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PM Modi Calls For Fuel Conservation
Earlier this week, Narendra Modi appealed for restrained use of petroleum products in light of the geopolitical situation in West Asia.
Speaking at an event in Telangana, the prime minister urged citizens to use:
- petrol
- diesel
- cooking gas
judiciously and only according to actual necessity.
He said prudent fuel consumption would:
- help conserve foreign exchange
- reduce the economic impact of the ongoing international crisis
- support energy security during a period of global uncertainty
The conflict in West Asia has already triggered volatility in global energy markets and renewed concerns over inflationary pressure linked to rising fuel costs.
