India has raised petrol and diesel prices for the first time in four years by about 3 rupees ($0.03) per litre, according to retailers in Delhi on Friday, as the country aims to recoup some of the losses incurred due to higher global oil prices.
Global oil prices spiked at more than $120 per barrel, before pulling back to around $100 to $105 a barrel following the near-closure and severe disruption of the Strait of Hormuz, triggered by the U.S.-Israeli conflict with Iran.
India is among the last major economies to raise retail fuel prices. A litre of diesel in Delhi will cost 90.67 rupees and petrol 97.77 rupees.
State-run Indian Oil Corp (IOC.NS), opens new tab, Hindustan Petroleum Corp (HPCL.NS), opens new tab and Bharat Petroleum Corp (BPCL.NS), opens new tab, which together control more than 90% of the country’s over 103,000 fuel stations, tend to fix diesel and petrol prices in tandem.
($1 = 95.7625 Indian rupees) — Reuters
