India raises fuel prices as global energy crisis adds pressure on economy
State refiners passed on higher crude costs after months of frozen pump prices, and officials said retail fuel sales still face 15 to 20 rupees per liter losses.
- On Friday, India raised fuel prices by 3 rupees per liter to offset mounting global energy costs, ending its long resistance to passing higher crude prices to consumers.
- India imports about 90% of its oil, leaving the economy vulnerable to supply disruptions linked to the Iran war and the closure of the Strait of Hormuz.
- In New Delhi, gasoline prices rose to 97.77 rupees a liter while diesel climbed to 90.67 rupees ; earlier this week, India also raised import duties on gold and silver to 15%.
- Authorities in New Delhi on Thursday announced fuel-saving measures requiring government employees to work from home two days a week, with Delhi Chief Minister Rekha Gupta saying the 90-day campaign promotes public transportation.
- Prime Minister Narendra Modi recently urged citizens to practice austerity as an act of "patriotism," though Opposition leaders claim this appeal followed state elections, noting fuel prices remained unchanged during the campaign.
46 Articles
46 Articles
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