State-owned refiners raise diesel and gasoline prices for the fourth time in May, lifting costs amid disrupted oil flows.
India’s state-run fuel retailers increased pump prices for the fourth time this month, pushing diesel up 8.6% and gasoline 7.8% since May 1. The hikes reflect ongoing disruptions in oil shipments through the Strait of Hormuz, a critical chokepoint for global energy supplies.
The first price adjustment occurred in mid-May, with Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. raising retail rates by over 3%. Prior to this month, fuel prices had remained stable for nearly six months, despite volatility in global crude markets.
No immediate market reaction was reported following the latest increase, though analysts warn of potential inflationary pressures if disruptions persist.