Petrol and diesel prices in India are expected to rise by ₹10 per litre within the next 2-3 weeks, as state-run oil marketing companies (OMCs) struggle to absorb rising crude oil costs. Recently, OMCs raised fuel prices by over ₹3 per litre due to escalating crude prices amid ongoing geopolitical tensions, particularly between the US and Iran. Economists warn that this increase could lead to a 0.42% rise in retail inflation, impacting the cost of living for consumers. Financial services firm Emkay Global estimates that OMCs are currently losing ₹17-18 per litre sold, resulting in projected losses of ₹570-580 billion (approximately $6.9-7 billion USD) this quarter. The direct impact of the fuel price hike is expected to raise Consumer Price Inflation (CPI) by 0.15-0.25%, with additional pressures from rising milk prices adding another 0.26% to inflation. The cumulative effect of these increases will likely squeeze household budgets and elevate transportation and food costs.