India is still at the bottom of the global fuel price increase table, despite the fact that the central government on Friday announced an immediate Rs 3 per litre increase in petrol and diesel prices, marking the first revision in retail fuel prices in nearly four years.
Several data show that the petrol prices have increased from 40 percent to more than 89 percent in countries, including Myanmar, Malaysia, Pakistan, and the US, while diesel prices have climbed by more than 100 percent in other markets.
With this, the fuel prices will rise across the country as a result of the hike, which goes into effect on Friday and has no transition period.
India, the third-largest oil importer and consumer in the world, is among the last significant economies to increase retail fuel prices after the West Asia conflict disrupted shipping through the Strait of Hormuz route.
More than 90 percent of India’s 103,000 gas stations are controlled by the state-run Indian Oil Corp (IOC.NS), Hindustan Petroleum Corp (HPCL.NS), and Bharat Petroleum Corp (BPCL.NS). These companies often set diesel and petrol rates simultaneously.
