India Raises Fuel Prices 3 Rupees a Liter as Iran War Disrupts 90% Oil Import Dependence
Updated
Updated · 10TV · May 15
India Raises Fuel Prices 3 Rupees a Liter as Iran War Disrupts 90% Oil Import Dependence
10 articles · Updated · 10TV · May 15
Gasoline in New Delhi rose to 97.77 rupees a liter and diesel to 90.67 rupees on Friday after India passed higher crude costs on to consumers for the first time in years.
India imports about 90% of its oil, and the increase is meant to offset losses from the Iran war, supply disruptions and the closure of the Strait of Hormuz.
Narendra Modi had days earlier urged austerity—work from home, less travel, lower gold buying and more public transport—while Delhi launched a 90-day fuel-saving drive with remote work for some staff.
Opposition leaders said fuel prices were held steady until state elections ended, while the rupee has hit record lows and India has already lifted gold and silver import duties to 15% to protect foreign exchange reserves.
After a 4-year freeze, is this just the start of India's fuel price crisis?
Could the Iran conflict inadvertently fast-track India's transition away from fossil fuels?