Mumbai: Mumbai motorists and bikers were once again hit by fuel price rise on Saturday, as petrol and diesel rates surged by nearly a rupee per litre, taking the cumulative hike over the past eight days to Rs 5.Petrol price in Mumbai increased from Rs 107.6 to Rs 108.5 per litre while diesel rate went up from Rs 94.1 to Rs 95 per litre on May 23.The latest revision has added the burden on commuters, transporters and businesses already grappling with rising costs. Oil Marketing Company (OMC) sources indicated that further hikes may follow, citing continued losses linked to the ongoing West Asian crisis. “The sustained volatility in global crude markets has put pressure on domestic fuel retailers who are adjusting pump prices to offset mounting under-recoveries,” said an official from OMC.With fuel costs feeding into transportation and essential goods, the repeated increases are expected to have a wider impact on household budgets and inflation in the city The ongoing diesel price surge coupled with fuel shortages being reported in some parts of the country has become a matter of serious concern for the transport and logistics sector, said a state transporter. Expressing serious concern over the developing crisis, Bal Malkit Singh, former president, All India Motor Transport Congress, said: “The transport sector across the country is already under severe financial stress due to continuously rising operational costs and stagnant freight rates. The present fuel shortages and restrictions on diesel supply to commercial vehicles may create a cascading effect on the entire economy.Commercial vehicles must receive uninterrupted and adequate fuel supply without restrictions or stoppages. Any disruption in truck movement directly impacts supply chains, essential commodities, manufacturing activities, imports, exports and overall economic movement, he added.
