Petrol and diesel prices were once again hiked on Monday. Petrol became costlier Rs 2.61 per litre and diesel by Rs 2.71 per litre, making the fourth hike in less than two weeks. The hike in fuel prices were announced as state-owned firms continued to pass on rising international prices to consumers.The last fuel hike was announced on Saturday (May 23) when petrol prices were raised by 87 paise and diesel prices went up by 91 paise. CNG prices were also increased in Delhi by Re 1 per kg to Rs 81.09 on Saturday.ALSO READ: Diesel, petrol price hike: Fuel rates increased for fourth time since Iran war beganIt is pertinent to note that the latest hike in petrol and diesel will add pressure on households already grappling with inflation. The rise in diesel prices will increase logistics costs, which in turn will drive up the prices of daily essential goods. Items such as milk and bread are already becoming more expensive due to earlier fuel price hikes.Petrol and diesel prices today (City-wise)Following the latest revision, petrol prices in Delhi rose by Rs 2.61 per litre to Rs 102.12 from Rs 99.51, while diesel rates increased by Rs 2.71 to Rs 95.20 per litre from Rs 92.49, according to industry sources. In India's financial capital, Mumbai, petrol is retailing at Rs 113.51 per litre and consumers have to pay Rs 97.83 per litre for diesel. Here is the revised petrol and diesel prices in metro cities:Petrol Prices in Major Cities CityPetrol Price (per litre)Delhi₹100.12Mumbai₹105.68Chennai₹101.45Kolkata₹101.87Diesel Prices in Major Cities CityDiesel Price (per litre)Delhi₹95.20Mumbai₹98.34Chennai₹96.78Kolkata₹97.05Why are fuel prices hiked?The hikes come amid elevated global crude oil prices and a weakening rupee, which have increased pressure on oil marketing companies’ import costs. The fue; prices have been hiked because the ongoing Iran war has disrupted the global oil supply. The disruption at the Strait of Hormuz, a critical route for oil-carrying vessels, has led to a significant increase in oil prices. For several weeks, India's oil marketing companies (OMCs) continued to sell regular petrol and diesel at old prices despite buying crude oil at a higher price. However, after two months of Iran war (which began on February 28), losses suffered by OMCs became unsustainable. According to estimates, the three OMCs -- Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) -- were cumulatively bearing a loss of over Rs 1,000 crore every day. Thus, the government had to raise prices.