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Cars fill up with fuel at a station in the Eastern Himalayan state of Sikkim, India, on April 16, 2026. India, the world's third-largest oil importer and consumer, is among the last major economies to increase retail fuel prices following disruptions to shipping through the Strait of Hormuz due to the conflict initiated by United States-Israeli attacks on Iran. For the first time in four years, India's state-run fuel retailers have raised petrol and diesel prices by 3 rupees (approximately $0.03) per litre, representing an increase of more than 3%. This adjustment aims to recover some of the losses incurred from rising global crude oil prices. Prime Minister Narendra Modi has called for a series of measures, including fuel conservation, work-from-home practices, and restrictions on travel and imports, as escalating global energy prices exert pressure on the country's foreign exchange reserves.
Cars fill up with fuel at a station in the Eastern Himalayan state of Sikkim, India, on April 16, 2026. India, the world's third-largest oil importer and consumer, is among the last major economies to increase retail fuel prices following disruptions to shipping through the Strait of Hormuz due to the conflict initiated by United States-Israeli attacks on Iran. For the first time in four years, India's state-run fuel retailers have raised petrol and diesel prices by 3 rupees (approximately $0.03) per litre, representing an increase of more than 3%. This adjustment aims to recover some of the losses incurred from rising global crude oil prices. Prime Minister Narendra Modi has called for a series of measures, including fuel conservation, work-from-home practices, and restrictions on travel and imports, as escalating global energy prices exert pressure on the country's foreign exchange reserves.
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