Petrol and diesel costs surge for the fourth time in 10 days as pressure mounts on Asia’s third-largest economy….
India has once again increased petrol and diesel prices, marking the fourth fuel hike in just 10 days as the ongoing conflict in the Middle East continues to shake global energy markets.
The latest increase announced by state-owned fuel retailers on Monday reflects the growing pressure on India’s energy supply chain following major disruptions linked to the war, which has severely affected oil shipments through the Strait of Hormuz.
The strategic waterway, one of the world’s most important oil transit routes, has faced near-total blockage since the conflict escalated in February, creating fresh uncertainty in global crude supply.
India, which ranks as the world’s third-largest oil importer, depends heavily on the corridor for nearly half of its crude oil needs.
Since the crisis began, petrol and diesel prices across India have jumped by roughly five percent, adding more strain to households and businesses already battling inflation and rising transportation costs.
Although fuel prices differ across states and cities, the latest adjustment pushed pump prices up by slightly more than two rupees per litre.
In New Delhi, petrol now sells for 102.12 rupees per litre, up from 99.5 rupees, while diesel prices climbed to 95.20 rupees.
The repeated price increases come shortly after Prime Minister Narendra Modi defended tighter fuel measures, saying they were necessary to reduce pressure on India’s foreign exchange reserves spent on energy imports.
As supply concerns deepen, India has significantly expanded crude purchases from Russia to offset shortages from the Middle East.
Shipping data and import records indicate that Indian refiners have accelerated Russian oil imports following a temporary sanctions waiver granted by the United States.
Earlier this month, India’s Minister for Petroleum and Natural Gas, Hardeep Singh Puri, admitted that oil marketing companies were suffering major financial losses due to the crisis.
According to him, the companies were losing as much as $120 million daily but insisted that the government was working to guarantee uninterrupted fuel imports and stable domestic supply.
The continuing surge in fuel prices is expected to increase transportation costs, food prices, and overall inflation across India, raising concerns over the broader economic impact of the prolonged Middle East conflict.
