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India’s state-run fuel retailers have raised petrol and diesel prices for the first time in four years by 3 Indian rupees ($0.03) per litre, or more than three per cent, according to dealers, to recoup some of the losses incurred due to higher global crude oil prices.
India — the world’s third-biggest oil importer and consumer — is one of the last major economies to raise retail fuel prices following the disruption to shipping through the Strait of Hormuz by the war started by US-Israeli attacks on Iran.
State-run Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control more than 90pc of India’s 103,000 fuel stations, tend to set diesel and petrol prices in tandem.
A BPCL spokesperson confirmed the price increase at its retail outlets. Indian Oil and HPCL did not immediately respond to a request for comment.
