On Friday, petrol and diesel prices in India were raised by Rs 3 per litre after the government had held prices steady for nearly ten weeks. This increase comes in response to a combination of factors, including the ongoing conflict in Iran, which has disrupted global oil supplies and caused crude prices to surge from around $69 to over $113 per barrel. With India importing approximately 85% of its crude oil, rising global prices significantly impact the country's import bill. Additionally, the Indian rupee has depreciated to nearly 95.95 per dollar, further exacerbating costs. The state-run oil marketing companies, including Indian Oil Corporation, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd, have been absorbing losses of about Rs 1,600 crore per day, leading to cumulative losses exceeding Rs 1 lakh crore. Despite the recent price hike, oil companies are still facing substantial financial pressure, and the government has already cut excise duties to ease the burden on consumers, resulting in a revenue loss of Rs 14,000 crore monthly. The current situation remains precarious, and further price adjustments may be necessary if crude prices do not stabilize.