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India state-fuel retailers raised petrol and diesel prices by less than a rupee per litre on Tuesday, the second increase in a week to recover some losses from high crude prices resulting from the Iran war.
After the rise of roughly 0.9 Indian rupees ($0.0093), consumers will pay 98.64 Indian rupees for a litre of petrol in New Delhi and 91.58 Indian rupees for a litre of diesel, dealers said. Prices vary across the country because of regional taxes.
Although petrol and diesel prices are deregulated in India, the government exerts significant influence on prices as the majority shareholder of the key retail companies.
Sujata Sharma, a joint secretary in the oil ministry, said on Monday that state fuel retailers have been losing 7.5 billion Indian rupees daily. The government has no plans to provide financial support for them, Sharma said.
