State refiners increase fuel costs over 3% amid crude oil supply constraints and mounting losses.
India’s state-owned refiners increased retail gasoline and diesel prices by $0.031 per liter, marking the first hike in four years. The move follows a surge in global crude oil prices that pressured refiners’ margins and led to financial losses.
The increase, equivalent to over 3%, contrasts with a prolonged period of stable fuel costs despite rising input prices. Other governments adjusted prices more frequently, but New Delhi delayed the hike due to consumer sensitivity.
The adjustment reflects tighter crude oil availability and aims to alleviate refiners’ financial strain amid persistent market volatility.