New Delhi, May 17 -- Price of petrol and diesel remained steady on Sunday, 17 May, after latest revision by the BJP-led Centre when fuel rates were hiked by Rs.3 per litre. On Friday, state run oil marketing companies (OMCs) hiked petrol and diesel prices. marking a significant change in fuel rates in 4-year period. The recent price change comes on the heels of West Asia war as the world grapples to meet fuel demand amid supply disruption across the Strait of Hormuz. This critical waterway, located in the Gulf Strait, controls one-fifth of global energy flows.

Till 14 May, the government cushioned domestic consumers from volatility of oil prices as brent crude oil rates climbed to over $100 per barrel in the last few months due to the We...