India hikes fuel prices for the first time in four years

NEW DELHI - India’s state-run refiners have raised fuel prices for the first time in four years, as New Delhi yields to crude prices pushed higher by the war in Iran, and to the resulting financial pressures battering its processors.

India hikes fuel prices for the first time in four years. NEW DELHI - India’s state-run refiners have raised fuel prices for the first time in four years, as New Delhi yields to crude prices pushed higher by the war in Iran, and to the resulting financial pressures battering its processors. Diesel and gasoline prices rose by over 3 per cent – a modest increase in the context of an almost 50 per cent increase in Brent crude since the conflict began. Diesel will cost 90.67 rupees (S$1.21) a litre, gasoline will be priced at 97.77 rupees a litre in New Delhi. Prices are now the highest since May 2022. India is the world’s third-largest oil importer, heavily dependent on global markets and energy flowing out of the Persian Gulf. In a crisis, the government typically prioritizes the protection of its 1.4 billion, price-sensitive consumers and...