India Raises Petrol and Diesel Prices Again Amid Rising Global Oil Costs
India has increased petrol and diesel prices for the second time in less than a week, as rising global crude oil prices continue to pressure fuel markets, according to reports from Bloomberg.
The latest adjustment comes amid volatility in international oil prices, which has been linked to ongoing tensions in the Middle East and disruptions affecting global supply routes.
Fuel Prices Increase in New Delhi
In New Delhi, petrol prices were raised by around 0.9%, while diesel prices saw an increase of approximately 1%.
Following the revision, diesel prices have reached 91.58 Indian rupees per litre, while petrol is now priced at 98.64 rupees per litre.
This marks the second nationwide fuel price hike in less than a week, and is reported to be the most significant retail fuel adjustment in India in the past four years, pushing prices to their highest level since May 2022.
Pressure on State-Owned Oil Companies
India’s state-run fuel retailers — Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum — are reportedly facing financial pressure as global crude oil prices remain elevated.
Analysts say rising crude costs, partly influenced by instability in the Middle East and concerns over key shipping routes such as the Strait of Hormuz, have increased operational losses for refiners.
Reports of Ongoing Financial Strain
According to Reuters, Indian refiners are reportedly incurring significant daily losses on fuel sales despite recent price increases. At present, there are no indications that the government plans to offer direct financial support to offset these losses.
The situation highlights continued uncertainty in global energy markets, with fuel prices expected to remain sensitive to geopolitical developments and supply disruptions.
