India hikes petrol, diesel prices as economic woes mount

"India's state-run fuel retailers raised the prices of petrol and diesel on Friday the first time since the war in Iran began as they look to recoup some of the losses incurred over rising global crude prices. Indian Oil Corporation, Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) raised fuel prices by Rs 3 per litre ($0.03, 0.27), or more than 3%. With this, diesel will cost Rs 90.67 a litre ($0.95, 0.81) and petrol will cost Rs 97.77 a litre ($1.02, 0.88)."

"Fuel prices in India differ in cities and states due to state-level taxes, transportation costs and dealer commissions. Global oil prices spiked to over $120 a barrel amid the US-Israel war with Iran before pulling back to about $100-$105. In April, Indian oil ministry official Sujata Sharma said that higher oil prices caused Indian retailers to lose about Rs 100 per litre ($1.04, 0.9) on diesel and about Rs 20 a litre ($0.21, 0.18) on petrol."

"The age of austerity This is the first time in four years that India's state retailers have increased petrol prices. While Modi's government had initially assured masses that petrol prices would not be increased, experts had warned that hikes would be inevitable if the Middle East crisis persisted. The steeper fuel prices come days after Modi called on Indians to make certain sacrifices to shield India's economy from the fallout of the Iran conflict in the Middle East."

"Speaking at a rally this week, he urged Indians to cut fuel consumption, work from home, postpone foreign travel, avoid unnecessary imports and delay gold purchases. The message was framed as a patriotic responsibility during a period"

State-run fuel retailers in India raised petrol and diesel prices for the first time since the Iran war began. Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation increased prices by Rs 3 per litre or more than 3%. Diesel was set at Rs 90.67 per litre and petrol at Rs 97.77 per litre. Fuel prices vary across cities and states due to state taxes, transportation costs, and dealer commissions. Global oil prices rose above $120 a barrel during the US-Israel war with Iran before easing to about $100 to $105. In April, losses were estimated at about Rs 100 per litre for diesel and about Rs 20 per litre for petrol. The price increase followed government calls for austerity measures to protect the economy from the conflict’s fallout.

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