On Friday, public sector oil marketing companies (OMCs) in India raised petrol and diesel prices by ₹3 per litre, the first increase in over four years. Following this adjustment, petrol is priced at ₹97.77 and diesel at ₹90.67 in Delhi. The hike comes as OMCs face severe financial strain due to soaring global crude oil prices, exacerbated by the ongoing West Asia crisis and the closure of the Strait of Hormuz, a crucial maritime route for oil transport. Prior to this increase, OMCs were losing ₹14 per litre on petrol and ₹42 per litre on diesel, leading to projected losses of ₹1 lakh crore for the April-June quarter. The government had previously reduced excise duties to alleviate some financial pressure on these companies. Discussions within the government indicated that a staggered approach to price hikes would be adopted to avoid public backlash and manage inflation. The price increase reflects a broader trend of rising fuel costs globally, with Indian refiners facing additional expenses due to emergency sourcing and increased shipping rates. Despite these challenges, India has not implemented fuel rationing, maintaining supply stability for consumers.