China raised retail gasoline and diesel price caps on May 22, the latest in a series of hikes since the Iran war sent oil prices surging, with gasoline demand now on track for a near-record 5.5% annual decline.

Sujata Sharma, a joint secretary in the oil ministry, says state fuel retailers have been losing 7.5 billion Indian rupees daily.

New Delhi, May 19 (PTI) Petrol and diesel prices were raised by about 90 paise per litre on Tuesday – the second increase in less than a week – as state-run fuel retailers moved…