India OMCs lift petrol, diesel by up to Rs 3/litre as Brent tops $100
Indian Oil, HPCL and BPCL pushed through their first pump-price hike in four years, with Delhi petrol at Rs 97.77 and diesel at Rs 90.67. US-Israel-Iran tensions drove Brent above $100/bbl, while OMCs were absorbing Rs 10 bn/day in losses on 80% imported crude. Modi urged austerity: cut fuel use, defer gold and overseas trips.
India raised petrol/diesel prices by up to Rs 3/litre, first hike in four years, driven by US-Israel-Iran conflict pushing Brent above $100. PM Modi urged austerity—cut fuel use, defer gold and overseas trips, buy local.
Why this matters
Ends a four-year freeze on retail fuel revisions by India's three state OMCs, signaling pass-through of crude costs as daily under-recoveries hit Rs 10 bn on import-heavy supply.
Retail-company signals steady at 286 in last 90 days.