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India Raises Fuel Prices
(MENAFN) India, experiencing the repercussions of the ongoing Middle East conflict on energy resources, declared its first fuel price increase in more than four years on Friday.
The cost of petrol climbed by three rupees (3¢), pushing the rate to 97.77 rupees ($1.2) per liter, while diesel prices reached 90.67 rupees ($.95) per liter in New Delhi, according to a radio on Friday.
The increase, marking the first adjustment since April 2022, occurred shortly after a senior Indian official revealed that the nation’s oil firms are enduring substantial financial setbacks due to the consequences of the Middle East energy crisis.
Authorities stated that India’s oil marketing companies had been bearing losses amounting to nearly 10 billion Indian rupees ($104.5 million) daily to ensure that the “burden of global astronomical prices is not passed to Indian citizens.”
Government figures further indicated that the country’s oil marketing companies have continued absorbing losses of approximately 10 billion Indian rupees ($104.54 million) per day so that the “burden of global astronomical prices is not passed onto Indian citizens.”
India secures nearly 50% of its energy imports, valued at $180 billion in 2024, from the Middle East. Last month, the country also confirmed the resumption of oil imports from Iran for the first time in seven years amid the continuing Middle East conflict, which erupted on Feb. 28.
The cost of petrol climbed by three rupees (3¢), pushing the rate to 97.77 rupees ($1.2) per liter, while diesel prices reached 90.67 rupees ($.95) per liter in New Delhi, according to a radio on Friday.
The increase, marking the first adjustment since April 2022, occurred shortly after a senior Indian official revealed that the nation’s oil firms are enduring substantial financial setbacks due to the consequences of the Middle East energy crisis.
Authorities stated that India’s oil marketing companies had been bearing losses amounting to nearly 10 billion Indian rupees ($104.5 million) daily to ensure that the “burden of global astronomical prices is not passed to Indian citizens.”
Government figures further indicated that the country’s oil marketing companies have continued absorbing losses of approximately 10 billion Indian rupees ($104.54 million) per day so that the “burden of global astronomical prices is not passed onto Indian citizens.”
India secures nearly 50% of its energy imports, valued at $180 billion in 2024, from the Middle East. Last month, the country also confirmed the resumption of oil imports from Iran for the first time in seven years amid the continuing Middle East conflict, which erupted on Feb. 28.
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