The Indian government has implemented a ₹3 increase in petrol and diesel prices across four major cities, effective May 15. This marks the first price hike in four years, as state-run oil companies like Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) have been facing daily losses of approximately ₹16,000 crore. The increase comes in response to soaring global crude oil prices, which have risen over 50% since the onset of the Iran conflict on February 28. Before this adjustment, the average price of crude oil imported by India was $69 per barrel in February, escalating to $113-114 per barrel in subsequent months. Economists, including Dr. Arvind Panagariya, have advocated for allowing fuel prices to rise to mitigate the financial strain on oil marketing companies, which have been absorbing costs to avoid passing them on to consumers. Prime Minister Narendra Modi has also urged citizens to conserve fuel and consider remote work options.