Indian state refiners raised their retail prices for gasoline and diesel by the equivalent of $0.031 per liter in response to tighter crude oil availability.
This is the first fuel price hike in India in four years, Bloomberg noted in a report on the news.
The hike amounts to over 3% and was necessitated by the global crude oil price surge that resulted in losses for India’s refiners.
Still, New Delhi put off the price hike for much longer than other governments, due to the sensitivity of Indian consumers to such hikes.
The Economic Times reported that wholesale fuel prices had surged in April, with gasoline prices up by 32.4% and diesel prices up by 25.19%.
