India Raises Fuel Prices for Fourth Time as Oil Crisis Hits Consumers

AI Summary

India has increased fuel pump prices for the fourth time in a month due to the ongoing oil crisis caused by the Strait of Hormuz closure. State-owned refiners such as Indian Oil Corp. have raised diesel prices by 8.6% cumulatively since early May.

India’s state-owned energy majors that trade in fuels raised prices at the pump for the fourth time in the space of a month, reflecting the continued effect of the Strait of Hormuz closure on oil and fuel flows. The cumulative price hike since the start of the month comes in at 8.6% for diesel fuel, Reuters reported today, and 7.8% for gasoline. The first fuel price hike took place in Mid-May, with refiners including Indian Oil Corp., Bharat Petroleum Corp, and Hindustan Petroleum Corp. hiking their retail prices by over 3% for the first…