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In a move that reflects the geopolitical tensions from an ongoing war in the Middle East, India has escalated fuel prices for the fourth time this month. State-run oil companies have increased petrol and diesel rates by five percent since February when hostilities began.
The surge comes as concerns over supply shortages loom larger due to Iran’s near total blockade of the Strait of Hormuz, a vital energy corridor through which India imports about half its crude oil. The price hikes have raised petrol and diesel rates in New Delhi by nearly two rupees.
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