India has increased petrol and diesel prices for the second time in less than a week as surging global crude oil prices linked to the Iran conflict continue squeezing state-owned refiners and raising fears of wider energy shortages, reported Bloomberg.
Prices in New Delhi were increased by around 1 percent for diesel and 0.9 percent for gasoline, taking diesel prices to 91.58 Indian rupees per liter and petrol prices to 98.64 rupees per liter.
The latest increase follows another nationwide fuel price hike announced last week, marking India’s first major retail fuel adjustment in four years and pushing prices to their highest level since May 2022.
Indian state-run fuel retailers, including Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum, have been facing mounting losses as crude prices surged sharply following escalating conflict in the Middle East and disruptions linked to the Strait of Hormuz.
According to Reuters, Indian refiners are also reportedly losing billions of rupees daily on fuel sales despite the recent price increases, while the government currently has no plans to provide direct financial support to offset those losses.
