State-run fuel retailers in India have increased the prices of petrol and diesel for the third time this month. Dealers stated that the decision was driven by the need to offset losses resulting from high crude oil prices in the international market.
According to a Reuters report on Saturday, the new adjustment brings the price of petrol in the capital, New Delhi, to 99.51 rupees per liter. Meanwhile, the price of diesel has risen to 92.49 rupees per liter.
Following three consecutive price hikes this month, overall fuel prices in India have increased by nearly 5 rupees.
India is the world's third-largest oil importer and consumer. Despite surging international oil prices triggered by the US-Israel conflict involving Iran, the country had refrained from raising retail fuel prices for a prolonged period. However, the decision to hike prices was finally made as the subsidy burden continued to swell.
The price hike announced on May 15 marked India's first fuel price increase in four years, which has now been followed by multiple subsequent adjustments.
