India raises fuel prices as global energy crisis adds pressure on economy

India raised fuel prices by 3 rupees ($0.03) per liter Friday as the government moved to offset losses due to higher global oil prices.

India raises fuel prices as global energy crisis adds pressure on economy. India raised fuel prices by 3 rupees ($0.03) per liter Friday as the government moved to offset losses due to higher global oil prices. In New Delhi, gasoline prices rose to 97.77 rupees ($1.17) a liter, while diesel climbed to 90.67 rupees ($1.09) a liter. India imports about 90% of its oil and has been hit hard by rising energy prices and supply disruptions linked to the Iran war and the closure of the Strait of Hormuz. It had until now avoided raising retail fuel prices despite sharp increases in energy costs, making it one of the last major economies to pass higher crude prices on to consumers. The price increases came days after Prime Minister Narendra Modi urged Indians to adopt voluntary austerity measures. Modi on Sunday called on people to work from home w...