For the first time in four years, Indian fuel retailers have increased the prices of petrol and diesel. Analysts warn this could be the first of many hikes.
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.
