India’s state-owned fuel retailers increased diesel prices by 2.71 rupees ($0.0283) per litre and petrol by 2.61 rupees, dealers said, the fourth hike in May to recoup some losses driven by higher crude costs due to the Middle East war, Reuters reports.
Indian state fuel retailers, which control 90 per cent of the market, began raising pump prices from May 15 after elections were over in some key states.
Since then the state companies — Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp — have raised the prices of diesel by about 8.6pc and petrol by about 7.8pc.
