India’s ₹3 per litre increase in petrol and diesel prices remains significantly lower than fuel price jumps recorded in several other countries this year amid the ongoing global oil crisis.
The latest revision pushed petrol prices in Delhi to ₹97.77 per litre, while diesel climbed to ₹90.67. The increase came after rising crude oil prices and supply concerns linked to tensions in West Asia and disruptions around the Strait of Hormuz.
According to data compiled by Kotak and cited by multiple reports, countries including the United States, the United Arab Emirates and Pakistan have witnessed much sharper increases in retail fuel prices since January.
India fuel hike smaller than several major economies
The India fuel hike translates to an increase of just over 3%, far below many global markets facing double-digit rises in fuel costs.
Pakistan recorded one of the sharpest petrol price increases globally at around 44%, while petrol prices in the United States climbed nearly 42%. The UAE also reported a rise of nearly 36% during the same period.
Diesel prices internationally have surged even more sharply. Reports showed diesel prices in the UAE jumped nearly 84–85%, while the US and Australia recorded increases of more than 60%.
India had earlier kept retail fuel prices largely unchanged despite rising international crude rates. State-run oil marketing companies reportedly absorbed part of the losses to shield consumers from sudden price shocks.
Also Read: Iran’s ‘Pride and Prejudice’-Coded Message to Trump: Hidden Signals in Peace Talks
Why fuel prices are rising globally
Crude oil prices surged after conflict in West Asia disrupted shipping movement near the Strait of Hormuz, one of the world’s most critical energy trade routes.
Brent crude briefly crossed $120 per barrel before easing slightly. Analysts said continued geopolitical tensions could lead to more fuel price revisions globally if crude prices remain elevated.
Brokerage estimates suggested Indian oil marketing companies were suffering heavy losses because of the earlier fuel price freeze. Industry estimates indicated that every $10 increase in crude oil prices significantly raised marketing losses for retailers.
Economists warned that higher fuel costs could increase transportation expenses and put additional pressure on inflation in multiple economies, including India.
The India fuel hike is therefore being viewed as relatively moderate when compared with several global economies that have already witnessed much steeper increases in petrol and diesel prices.
