India Fuel Price Hikes Continue

India>>>'s state-owned oil companies, including Indian Oil Corporation>>>, Petroleum>>>, and Hindustan Petroleum>>>, have implemented multiple fuel price hikes, raising petrol and diesel prices by nearly Rs 7.5 per litre since May 15. These increases are attributed to prolonged geopolitical tensions in West Asia>>>, rising global crude oil prices, and the weakening India — Indian rupee>>> against the US dollar, which have led to significant under-recoveries for the oil marketing companies. Executives from Oil and Natural Gas Corporation>>> and Petroleum>>>, such as Sushma Rawat>>> and Sukhmal Kumar Jain>>>, have explained that the government had absorbed costs for an extended period but could no longer sustain the daily losses. The hikes are seen as a necessary 'belt tightening' measure. Opposition leaders, including Rahul Gandhi>>> and Mallikarjun Kharge>>> of the India — Indian National Congress>>>, have sharply criticized the Narendra Modi>>>-led India — Bharatiya Janata Party>>> government, accusing them of delaying price revisions until after key state elections and 'fleecing' citizens. They warn of a cascading effect on inflation, transportation costs, and household budgets. S&P Global — CRISIL Ratings>>> has also warned that these price increases could add up to 48 basis points to inflation. The government has also introduced austerity measures and urged fuel conservation to curb its oil import bill.