India hikes fuel prices as Middle East war strains supplies
▸ Part of: India Hikes Fuel Prices Amidst Middle East Supply Disruptions
India's state-run oil companies raised petrol and diesel prices by more than three percent on Friday due to mounting pressure on the economy from disrupted energy supplies caused by the Iran war. This marks the first hike in automobile fuel prices in India since the war began in February, which led to Iran's near-total blockade of the Strait of Hormuz. Oil companies have been incurring losses due to higher global crude oil prices.
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