Indraprastha Gas Limited (IGL) on Tuesday announced another increase in Compressed Natural Gas (CNG) rates, taking the tally of hikes to four within a span of less than two weeks. The latest revision saw CNG prices go up by Rs 2 per kg. The latest increase comes after IGL raised CNG prices by Rs 2 per kg last week on Saturday. Prior to that, rates had gone up by Rs 2 per kg on May 15, followed by another Re 1 increase on May 17. The repeated rise in CNG prices comes amid higher global energy prices linked to the ongoing Middle East conflict and disruptions around the Strait of Hormuz. Meanwhile, oil marketing companies (OMCs) on Monday announced another increase in petrol and diesel prices, taking the cumulative rise to nearly Rs 7.5 per litre. Petrol prices were raised by Rs 2.61 per litre and diesel by Rs 2.71 per litre, marking the fourth fuel price increase in less than two weeks.Also read | With 4th hike in 11 days, petrol crosses Rs 100 a litre in capital In the national capital, petrol prices climbed from Rs 99.51 per litre to Rs 102.12, while diesel rates rose from Rs 92.49 per litre to Rs 95.20, according to industry sources. The continued rise in fuel prices is expected to increase pressure on transportation costs and household budgets as consumers face higher expenses amid volatility in global energy markets.Meanwhile, the Middle East conflict that began back on February 28 with US and Israel launching joint strikes on Iran, has continued to intensify. After the attack, Iran tightened its noose on the strategically crucial Strait of Hormuz, pipeline that carries 20% of world’s fuel supplies, sending ripples across the world.
