Bhubaneswar: Petrol prices in Odisha’s capital city breached the Rs 106 per litre threshold on Saturday, following the third fuel price revision in less than ten days.
Retail petrol prices in Bhubaneswar shot up by 87 paise per litre, while diesel became costlier by 91 paise per litre. This marks the third fuel price hike in the last 10 days.
The latest hike comes just days after a steeper Rs 3 per litre increase on May 15, ending a nearly four-year freeze on price revisions. The fuel prices were subsequently raised again on May 19 by around 90 paise per litre.
Following the latest revision, petrol in Bhubaneswar is now retailing at Rs 106.33 per litre, while diesel prices have climbed to Rs 97.92 per litre. Prior to the fresh hike, petrol was being sold at Rs 105.44 per litre and diesel at Rs 96.95 per litre in the city.
The price of premium speed petrol has also gone up from Rs 114.56 to Rs 115.47 per litre. The repeated increase in fuel prices within a short span has caused a major concern for daily commuters, particularly office-goers, two-wheeler users, cab drivers and middle-class families.
Back-to-back hikes in petrol and diesel prices seemed to be directly impacting household budgets and transportation expenses. Many people in the capital city depend on two-wheelers and private vehicles for daily commuting, while auto-rickshaw drivers and small transport operators fear the hike may further reduce their earnings.
Transport sector representatives also warned that the increase in diesel prices could eventually lead to higher transportation costs and a rise in prices of essential commodities in local markets.
The repeated increases are primarily attributed to elevated global crude oil prices, which have been pushed higher amid ongoing geopolitical tensions in West Asia, particularly disruptions linked to the Strait of Hormuz. Brent crude has traded well above $100 per barrel in recent periods due to these supply concerns.
Oil marketing companies (OMCs) have been incurring significant daily losses, prompting them to pass on a portion of the cost increase to consumers. While the government has maintained that fuel supplies remain stable, the back-to-back hikes are exerting fresh pressure on household budgets and raising fears of broader inflationary impact, including higher transportation and essential commodity costs.