India has increased petrol and diesel prices by INR 3 per litre. This is the first fuel price hike in the country in nearly four years. The new rates were announced by state-run fuel retailers on Thursday.
The price increase comes as global crude oil prices continue to rise due to ongoing geopolitical tensions and supply disruptions. Indian oil companies had been absorbing losses for a long time, but now they have passed on some of the burden to consumers. Following the latest revision, petrol prices in Delhi have reached 97.77 Indian Rupees per litre, while diesel prices have risen to 90.67 Indian Rupees per litre.
This development has drawn attention in Pakistan because fuel prices in India had remained unchanged for a long period, while Pakistan faced frequent price hikes. Analysts say the hike will have a mild effect on inflation in India. However, it may increase transportation costs and put slight pressure on the common man. The Indian government has also asked people to adopt fuel-saving measures such as reducing unnecessary travel and work-from-home options where possible.
Experts believe more price adjustments may be made in the coming months if international oil prices remain high. This latest hike highlights the challenges both India and Pakistan are facing due to rising global energy costs.
