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.

Petrol, diesel price hike: The rise of global crude oil prices to above $100 per barrel levels since the start of the US-Iran conflict has sent shockwaves across most major…