Indian state-owned fuel retailers have raised petrol and diesel prices for the third time this month. This move follows a surge in global crude oil prices, partly due to ongoing tensions in Iran. In New Delhi, petrol now costs 99.51 rupees per litre, a rise of 0.87 rupees, while diesel has increased by 0.91 rupees, bringing it to 92.49 rupees per litre.
India ranks as the third-largest oil importer and consumer in the world. Despite significant rises in global oil prices, India had held off on increasing domestic fuel prices for a while. This recent jump marks the first retail price hike in four years, totaling nearly 5 rupees per litre since mid-May. The government implemented these increases gradually, similar to past trends seen after key state elections in 2022.
Opposition parties have criticized Prime Minister Narendra Modi’s government, suggesting that the delays were politically motivated to avoid backlash during recent elections. Refiners have indicated that more price increases may follow, as companies continue to incur heavy losses. Major companies like Bharat Petroleum Corporation Limited, Indian Oil Corporation, and Hindustan Petroleum Corporation Limited dominate over 90% of India’s fuel retail market.
According to experts, this situation highlights the delicate balance between government policies, global oil markets, and domestic public sentiment. Fuel prices are often a hot-button issue in India, directly affecting everyday life for citizens. Studies show that any significant price hike can lead to public protests and increased scrutiny on government performance.
In the wake of these changes, people are actively discussing their opinions on social media platforms. Many express frustration over rising costs and call for more government transparency in pricing decisions. With the ongoing volatility in the global oil market, consumers are likely to keep a close eye on future price adjustments and their implications for the economy.
For further insights, you can read more about this issue in this Economic Times report.
