• Fuel prices in India have increased by Rs 3 per litre, marking the first hike in four years.
• Petrol now costs Rs 97.77 and diesel Rs 90.67 in Delhi.
• The price rises are attributed to escalating global crude oil prices linked to the Iran crisis and disruptions at the Strait of Hormuz.
• State-run oil companies have been losing approximately Rs 1,000 crore daily due to stagnant fuel prices.
• Prime Minister Modi has encouraged fuel conservation measures among citizens as a form of patriotism.

The Indian government has officially raised petrol and diesel prices by Rs 3 per litre, effective immediately. This increase comes as the country grapples with ongoing instability in global energy markets, particularly due to the Iranian conflict and disruptions around the vital oil transit route of the Strait of Hormuz, according to India Times, Reuters, and Al Jazeera.

In the capital city, petrol prices have risen from Rs 94.77 to Rs 97.77, while diesel prices increased from Rs 87.67 to Rs 90.67. Other metro cities such as Kolkata and Mumbai also witnessed significant price hikes of Rs 3 and more, creating widespread impacts across various sectors dependent on fuel, according to India Times and India Times.

The timing of the hike is particularly notable as it follows a long period of sustained retail fuel prices, during which state-run oil companies suffered daily losses estimated at around Rs 1,000 crore. These companies have faced immense pressure due to increased import costs linked to global crude oil prices, which surged owing to geopolitical tensions, according to India Times and Reuters.

In light of the price increases, Prime Minister Narendra Modi has urged citizens to adopt fuel-saving measures, describing this as a patriotic response to the country's economic challenges. His government has recommended less reliance on personal vehicles and more use of public transportation, echoing sentiments raised during the recent political campaigns, according to Al Jazeera and India Times.

The ongoing crisis also spotlights India's heavy dependence on imported crude oil, as about 90% of its oil is imported, putting significant financial strain on the economy amidst fluctuating global prices. The government is looking for both immediate and long-term solutions, including agreements with the UAE for energy security and strategic partnerships, according to Al Jazeera and India Times.