Petrol prices hiked again

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The latest hike follows a Rs 2 per kg increase announced on May 15 and another Re 1 per kg hike on May 17. With the latest revision, CNG prices in Delhi climbed to Rs 80.09 per kg, breaching the Rs 80-mark for the first time. The latest hikes come as India faces mounting pressure from soaring global crude oil prices triggered by the West Asia conflict and disruptions to shipping routes through the Strait of Hormuz, one of the world’s most critical oil transit chokepoints.