India set to raise fuel prices by ₹5 per liter
Fuel prices in India are about to jump by ₹5 per liter, as state-run oil companies try to offset big losses caused by the Iran conflict.
The ongoing war has made it harder (and pricier) to get crude oil through the Strait of Hormuz, leading to shortages and higher costs at home.
A bigger hike would help more but could also bring economic and political headaches.
Government refiners losing ₹10 billion daily
India, one of the world's biggest oil users, is feeling the pinch, with government-owned refiners losing about ₹10 billion every day.
Modi is urging everyone to use fuel wisely while the government faces pressure over price hikes, especially after recent elections boosted his party's standing.
Most gas stations are run by state companies like IOC, BPCL, and HPCL, which have been hit as import costs rise but pump prices stay fixed.