As India grapples with the fallout of an ongoing Middle East conflict, fuel prices continue to surge.
The state-run oil companies have once again increased petrol and diesel rates. This marks the fourth time they’ve hiked in just ten days – a move that reflects India’s vulnerability due to its reliance on imports amidst geopolitical tensions, particularly following an Iran blockade of the Strait of Hormuz.
The world’s third-largest oil buyer has felt these price hikes acutely. The latest adjustment sees a rise by about two rupees (0.02 USD) in petrol and diesel prices, with variations across regions. This comes amidst the backdrop of Prime Minister Narendra Modi’s handling of recent economic challenges.