India Raises Fuel Prices Again Amid Crude Surge
Indian state-owned fuel retailers increased petrol and diesel prices for the third time this month as companies attempt to offset losses caused by rising global crude oil prices linked to the Iran war. In New Delhi, petrol prices rose by 0.87 rupees to 99.51 rupees per litre, while diesel prices increased by 0.91 rupees to 92.49 rupees per litre.
India, the world’s third-largest oil importer and consumer, had delayed fuel price hikes even after global crude prices surged following the U.S.-Israeli conflict involving Iran. With the latest revision, fuel prices have risen by nearly 5 rupees per litre since May 15, marking the first retail fuel price increase in the country in four years. The price hikes are being rolled out gradually, similar to the phased increases seen in 2022 after key state elections.
Opposition parties have accused Prime Minister Narendra Modi’s government of delaying the hikes to avoid political backlash during recent elections. Meanwhile, refiners say further increases may still be necessary, as companies continue to face heavy losses despite recent revisions. Bharat Petroleum Corporation Limited, Indian Oil Corporation, and Hindustan Petroleum Corporation Limited together control over 90% of India’s fuel retail network.
Pic courtesy: google/ images are subject to copyright
