India Raises Diesel and Petrol Prices for Third Time in Eight Days Amid Global Oil Shock

India has increased petrol and diesel prices for the third time in just eight days, marking a fresh round of fuel price hikes that is expected to further pressure household budgets and inflation across the country.

According to oil marketing companies, the latest revision has raised petrol and diesel prices by around ₹0.87 to ₹0.91 per litre in major cities, continuing a rapid series of adjustments driven by rising global crude oil costs and ongoing geopolitical tensions affecting energy markets.

This latest increase follows two earlier hikes within the same short period, bringing the cumulative rise in fuel prices over the past week to nearly ₹5 per litre in some regions. The repeated adjustments mark a sharp shift after a long period of relative price stability in India’s domestic fuel market.

The hikes come as international crude oil prices remain elevated due to supply concerns linked to instability in the Middle East and disruptions around key shipping routes such as the Strait of Hormuz. India, which imports more than 80% of its crude oil needs, is particularly exposed to global price fluctuations.

State-run fuel retailers, including Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, have been gradually passing on higher costs to consumers after previously absorbing losses when global prices surged. Analysts say the delayed adjustments were partly influenced by political and economic considerations, including efforts to limit inflationary pressure.

Government sources have indicated that the price revisions are necessary to stabilize the financial health of oil companies, which have been reporting significant under-recoveries on fuel sales in recent months. However, the frequent increases are expected to feed into higher transport costs, potentially raising the prices of essential goods and services.

Opposition leaders have criticized the hikes, arguing that ordinary citizens are bearing the burden of global energy volatility. Meanwhile, government officials maintain that fuel pricing is increasingly aligned with international market conditions and that further adjustments may depend on future crude oil trends.

Economists warn that continued volatility in global oil markets could keep fuel prices under pressure in the coming weeks, with possible ripple effects on inflation and consumer spending.

The latest round of increases highlights India’s ongoing challenge of balancing energy affordability with the financial sustainability of its fuel sector in a highly uncertain global environment.