Petrol up Rs 2.61, diesel up Rs 2.71; fourth rise in under two weeks

New Delhi: Petrol prices were increased by Rs 2.61 per litre and diesel by Rs 2.71 per litre on Monday, marking the fourth hike in less than two weeks, news agency PTI reported.

The rise follows a 91 paise increase on Saturday, and comes after earlier hikes of Rs 3 on May 15 and 90 paise on May 19. Authorities said the increases partly aim to offset mounting losses at state run oil marketing companies amid the West Asia conflict.

Disruption to shipping through the Strait of Hormuz — which handles about one fifth of global oil traffic — has rattled international markets and contributed to the supply crisis, pushing prices higher worldwide.