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Tezzbuzz Desk- The continuous increase in the prices of petrol and diesel in the country has increased the problems of the common people. In the capital Delhi, the price of petrol has been increased by 87 paise per liter and that of diesel by 91 paise per liter. This is the third time in the month of May that fuel prices have been increased. Earlier this week, the price was increased by 90 paise per liter and a few days ago by Rs 3 per liter.

According to experts, the main reason for this is the rise in crude oil prices in the international market. The global oil market is witnessing continuous fluctuations due to the ongoing geopolitical tension in West Asia and uncertainty in US-Iran relations. On Friday, the price of Brent crude oil crossed $ 104 per barrel, while American WTI crude was also seen trading around $ 97 per barrel.

India imports about 85 percent of its total crude oil requirement from abroad. In such a situation, the cost of oil in the international market has a direct impact on domestic fuel prices. Government oil companies have been trying to keep prices stable for a long time, but due to rising costs, financial pressure on the companies has now increased. According to the central government, oil companies were facing losses of up to Rs 1,000 crore every month.

In the last two years, India had adopted the strategy of getting relief by purchasing crude oil from Russia at concessional rates. However, now due to increasing uncertainty about global supply and high prices, that relief also seems to be reducing.

The impact of increase in fuel prices is not limited to drivers only. Due to increase in transport expenses, the possibility of increase in prices of vegetables, food items and other everyday items also increases. Experts believe that if crude oil prices continue to rise like this in the international market, further pressure on inflation may be seen in the coming days.