India Hikes Petrol, Diesel Prices for Fourth Time This Month

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New Delhi: In an effort to recover losses brought on by spiking crude oil costs associated with the ongoing conflict with Iran and disruptions to oil supply through the Strait of Hormuz, India's state-owned fuel retailers increased the price of petrol and diesel on Monday for the fourth time this month.

The most recent rise lifted the price of diesel by ₹2.71 per litre and petrol by ₹2.61 per litre. Diesel costs 95.20 per litre, while petrol costs 102.12 per litre in New Delhi.

The most recent change comes after three previous price increases since fuel retailers started raising prices following the conclusion of important state elections on May 15. Since then, the cost of petrol has increased by about 7.8% and that of diesel by about 8.6%.

India, the world's third-largest oil importer and consumer, is struggling with rising energy expenses as crude prices rose due to supply issues in the Middle East. State-run oil corporations, which control over 90% of India's fuel retail sector, have said that extended price controls have resulted in significant losses.

As officials prepare for a potentially long-lasting energy crisis, the government has implemented measures to reduce fuel usage and minimise the country's oil import cost. Meanwhile, rising demand at retail pumps from bulk customers seeking reduced prices has put additional strain on fuel supplies in some areas.