The prices of petrol and diesel were increased on Tuesday with immediate effect amid rising global oil rates and supply concerns as the conflict in West Asia continues. This is the second time in less than a week that the price of the fuel has been hiked.In Delhi, the price of petrol increased by 87 paise per litre, to reach Rs 98.6 per litre from Rs 97.7 per litre. Diesel will cost Rs 91.5 per litre instead of Rs 90.6.Prices were increased by around Rs 3 per litre on May 15.Mumbai saw petrol increase by 91 paise to Rs 107.5 per litre and diesel by 94 paise to Rs 94 per litre.Kolkata registered the sharpest hike in petrol at 96 paise to Rs 109.7 per litre. Diesel also increased by 94 paise to Rs 96 per litre.In Chennai, petrol prices rose by 82 paise to Rs 104.4 per litre. The price of diesel was hiked by 86 paise to Rs 96.1 per litre.The increase comes as oil marketing companies face mounting pressure with global crude prices continuing to rise amid the war in West Asia. Benchmark Brent crude was trading below $110 per barrel early on Tuesday after gaining 2.6% in the previous sessionThe price of Brent was $78 per barrel on February 27, a day before the conflict started.On May 11, the Union government ruled out any immediate bailout package for state-run oil companies despite losses linked to the crisis in West Asia.The clarification had come as concerns grew about under-recoveries, the gap between the cost of producing fuels such as petrol, diesel and liquefied petroleum gas and their retail selling prices.Union Petroleum Minister Hardeep Singh Puri said on May 10 that oil companies were facing under-recoveries of about Rs 2 lakh crore, with losses of up to Rs 1 lakh crore projected in the current quarter.Puri had said that oil companies were purchasing crude oil, gas and liquified petroleum gas at elevated international prices while continuing to sell fuels at unchanged retail rates to shield consumers, leading to losses of up to Rs 1,000 crore a day.On May 10, Prime Minister Narendra Modi also urged citizens to revive some work-from-home practices adopted during the Covid-19 pandemic to reduce fuel consumption. It was among the measures he proposed to help the country withstand global economic uncertainties and supply chain disruptions amid the conflict.Referring to the disruption around the Strait of Hormuz and rising energy prices, Modi said that imported petroleum products should be used “only as per need” to lessen the impact of the conflict on India’s economy.India imports 88% of its crude oil needs and about half of its natural gas requirement. This mostly comes through the strait, which has been effectively blocked due to the conflict in West Asia.Written by Leah Thomas. Edited by Sneha.