Ranit Kr. Singh New Delhi — State-run oil marketing companies raised domestic fuel prices for the fourth time in less than two weeks on Monday, pushing petrol past the ₹100-per-litre mark in the national capital for the first time in four years. Retail petrol prices were hiked by ₹2.61 per litre and diesel by ₹2.71 per litre, bringing the cumulative increase since May 15 to over ₹7.30. In Delhi, petrol now costs ₹102.12 per litre while diesel stands at ₹95.20, driven by severe global supply disruptions and high crude volatility caused by the ongoing US-Iran conflict in West Asia.

The dramatic surge is directly tied to the prolonged blockade of the Strait of Hormuz, a vital maritime chokepoint handling nearly 20% of global crude and liquefied natural gas supplies. Since India imports more than 85% of its crude oil requirements, the severe traffic disruptions and subsequent spike in Brent crude prices—which peaked near $120 per barrel in March—have aggressively inflated procurement costs for domestic refiners. Although tentative backchannel peace talks between Washington and Tehran have recently cooled international markets, the US naval restrictions around the strait remain firmly in place, keeping energy flows heavily constrained.

Energy analysts warn that a fifth consecutive price hike remains highly probable unless Brent crude sustains a downward trajectory well below $100 per barrel. While the fuel retailers reported strong combined net profits exceeding ₹77,000 crore in the 2025–26 fiscal year, executives maintain that current retail rates still fail to recover major revenue losses accumulated during the early phase of the war. Petroleum Minister Hardeep Singh Puri previously indicated that further corrections might be unavoidable, aligning with Prime Minister Narendra Modi’s recent appeals for citizens to conserve fuel.