Residents of Belagavi woke up to another fuel price shock on Monday, as petrol and diesel rates were increased once again, marking the fourth revision in less than two weeks.
With the latest hike, petrol in Belagavi is now being sold at ₹110.70 per litre, while diesel has climbed to ₹98.66 per litre at public sector fuel stations. Petrol prices were raised by ₹2.61 per litre and diesel by ₹2.71 per litre in the latest revision.
The continuous increase in fuel prices has started affecting daily life across the city, especially for middle-class families, commuters, transport operators and small businesses. Auto drivers, delivery workers and people who rely on personal vehicles for everyday travel are expected to feel the burden the most as transportation costs continue to rise.
This is the fourth fuel price hike since May 15. Oil companies had first increased petrol and diesel prices by ₹3 per litre on May 15. Another hike followed on May 19, with rates going up by 90 paise per litre. On May 23, petrol prices were increased again by 87 paise and diesel by 91 paise per litre.
In total, fuel prices have gone up by nearly ₹7 per litre within just 10 days, significantly increasing expenses for consumers.
The recent revisions are being linked to rising global crude oil prices and the weakening value of the Indian rupee against the US dollar, both of which have pushed up the cost of importing crude oil. Oil marketing companies had kept retail fuel prices largely unchanged for almost four years before beginning the current round of revisions earlier this month.
Experts believe that if international crude prices continue to remain high, further increases cannot be ruled out in the coming weeks. Meanwhile, citizens are hoping for some relief as the rising fuel costs are expected to impact prices of essential goods, public transport and logistics across the region.
