• India raises petrol and diesel prices for the third time this month, increasing by less than Rs 1 per litre.
• The price rise is attributed to elevated global crude oil prices amid the ongoing conflict in the Middle East.
• Retail petrol now costs Rs 99.51 and diesel Rs 92.49 per litre in New Delhi.
• Opposition alleges the government delayed price hikes to avoid impacting recent elections.
• Oil marketing companies report significant revenue losses despite price increases.

Indian state-owned fuel retailers have increased petrol and diesel prices for the third time this month, with petrol now priced at Rs 99.51 per litre and diesel at Rs 92.49 per litre in New Delhi. The price hikes, which are less than Rs 1 per litre, reflect efforts to offset losses associated with soaring global crude oil prices driven by the ongoing conflict in the Middle East, particularly around the Strait of Hormuz, a key oil transit point, according to Indiatimes and Reuters.

The cumulative increases over the last eight days amount to nearly Rs 5 per litre for both fuels, with petrol prices rising approximately 5% and diesel prices increasing around 5.5%. This follows a hiatus of price adjustments that lasted over four years, ending with a significant hike on May 15, according to South China Morning Post, Indiatimes, and Indiatimes.

Despite raising prices, oil retailers are still incurring significant losses, with state-run companies like Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited reporting losses of Rs 25 to Rs 30 per litre on diesel and Rs 10 to Rs 14 on petrol. The government has indicated it has no immediate plans to provide financial support for these companies, further highlighting the necessity of price adjustments, according to South China Morning Post and Reuters.

The price adjustments come amid rising demand from bulk consumers fearing fuel shortages, which has led to panic buying in some areas. However, officials from the Ministry of Petroleum and Natural Gas have reassured the public that there are adequate fuel reserves and have been urging responsible consumption to ensure availability during peak demand periods, according to Indiatimes and South China Morning Post.