Middle Class feels the pinch as Fuel prices climb for third time in 10 days

Consumers are facing yet another pinch at the pump as state-run fuel retailers raised petrol and diesel prices on Saturday, marking the third hike this month amid soaring global crude oil costs linked to the ongoing conflict in West Asia.

In Agartala, petrol prices rose by Rs 0.87 per litre, bringing the rate to Rs 99.51, while diesel climbed by Rs 0.91 per litre to Rs 92.49, according to local dealers. The increase comes just days after a Rs 3 per litre hike earlier this month, followed by another rise of around 90 paise per litre.

Fuel prices had remained largely unchanged since April 2022, except for a one-time reduction in March 2024. However, the sharp escalation in crude oil prices — India’s crude basket has surged from $69 per barrel in February to nearly $113–114 per barrel now — has forced oil marketing companies to resume revisions.

The three state-run giants — Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited — had frozen daily price adjustments in 2022 to shield consumers from volatility after Russia’s invasion of Ukraine. But with India importing nearly 90% of its crude oil needs, domestic fuel rates remain highly vulnerable to international market shocks.

The latest hike has reignited concerns among the middle class, with many describing it as another burden on household budgets. Analysts warn that continued instability in the Strait of Hormuz could keep prices elevated, making further increases likely if global supply disruptions persist.