India Hikes Fuel Prices Again

India has implemented a second fuel price hike within a week, increasing petrol and diesel prices by approximately 90 paise per litre across major cities like India — Delhi, India — Mumbai, India — Kolkata, India — Chennai, and India — Jaipur. This follows an earlier Rs 3 per litre hike and is attributed to the sharp surge in global crude oil prices, particularly Brent Crude, which rose over 50 percent since late February due to US-Israeli strikes on Iran and disruptions in the Strait of Hormuz. State-run fuel retailers, including Indian Oil Corporation, Hindustan Petroleum, and Petroleum, are incurring significant daily losses despite these increases. The government, led by Prime Minister Narendra Modi, is facing criticism for delaying price revisions until after key state elections and has urged citizens to conserve fuel to mitigate the impact on India's economy and foreign exchange reserves. Private retailers like Nayara Energy and Shell plc had already raised prices earlier.