India hikes fuel prices for second time in a week
- The price of petrol rose to 98.64 rupees a litre from 97.77 rupees while that of diesel went to 91.58 rupees a litre from 90.67 rupees
India raised prices of petrol and diesel on Tuesday by roughly 0.9 rupees ($0.0093) a litre, fuel retailers in Delhi said, for its second such hike in a week as the government seeks to recoup losses caused by higher global prices of crude oil.
The price of petrol rose to 98.64 rupees a litre from 97.77 rupees while that of diesel went to 91.58 rupees a litre from 90.67 rupees, dealers said.
Tuesday’s increase followed India’s first rise in four years last Friday, when it raised petrol and diesel prices by 3 rupees a litre.
The world’s third-biggest importer and consumer of oil is one of the last major economies to raise retail fuel prices after disruptions to shipping through the Strait of Hormuz waterway by the war started by US-Israeli attacks on Iran.
Oil falls over 2% as Trump says he holds off scheduled attack on Iran
Global oil prices have spiked to more than $120 a barrel, before pulling back slightly.
State-run Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp, which together control more than 90% of a network of 103,000 fuel stations, tend to set prices in tandem.
Comments