Indian retailers raise fuel prices for a third time amid Iran war

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NEW DELHI: State-run fuel retailers in India have announced a fresh increase in petrol and diesel prices by nearly 1 rupee per liter, marking the third upward revision in just eight days.

This latest round of small-dose hikes has pushed the cumulative fuel price increase to almost 5 rupees per liter in a little over a week. Following the revision, a liter of petrol in New Delhi now costs 99.51 rupees, while diesel is priced at 92.49 rupees, with significantly higher rates recorded in other major metros like Mumbai and Kolkata due to local levies.

The ongoing retail price hikes are a direct response to severe financial pressures facing domestic oil marketing companies as they attempt to recover steep daily revenue losses.

While international benchmark Brent crude recently dipped to roughly $ 103.54 per barrel, global energy markets remain highly volatile and structurally elevated by more than 40 percent.

This persistent price stress stems directly from the ongoing US-Iran war in West Asia, which severely choked shipping and restricted global oil supplies after Iran closed the strategic Strait of Hormuz.