India raises fuel prices again as Middle East conflict disrupts oil supplies

India’s state-owned oil companies have raised gasoline and diesel prices for the fourth time in ten days, as disruptions linked to the conflict in the Middle East continue to strain global energy supplies and increase pressure on the Indian economy.

Fuel prices in India have risen by around 5% since the conflict escalated in late February, contributing to supply concerns tied to the near-total disruption of shipping through the Strait of Hormuz, one of the world’s most important oil transit routes, Caliber.Az reports per foreign media. 

India, the world’s third-largest oil importer, typically receives about half of its crude oil imports through the Strait of Hormuz.

Following the latest increase on May 25, fuel prices rose by slightly more than two rupees (about $0.02) per liter on average.

In New Delhi, the price of gasoline increased from 99.5 rupees ($1.19) to 102.12 rupees ($1.22) per liter, while diesel prices rose to 95.20 rupees ($1.14) per liter.

By Sabina Mammadli