India hikes fuel prices as Middle East war strains supplies

english.nepalnews.com · 1 week ago

India's state-run oil companies raised petrol and diesel prices by over three percent due to disruptions in energy supplies from the Iran war, impacting the economy. This is the first hike since the conflict began, affecting India's crude oil imports through the Strait of Hormuz. The government is implementing austerity measures and encouraging fuel conservation to save foreign exchange, while also increasing imports of Russian crude.