India hikes fuel prices

The Indian government has raised petrol and diesel prices by 3 rupees per litre nationwide, the first such increase in four years.

The move aims to offset mounting losses for state retailers as global crude oil prices remain elevated due to the Middle East conflict.

Opposition parties have criticized the hike, accusing the government of waiting until after state elections to pass costs to consumers.

Analysts warn that further increases may be necessary if the Strait of Hormuz remains blocked and global supply chains continue to be disrupted.