Indian consumers are facing a petrol price increase for the first time in 48 months, with a ₹3 per litre rise announced by government-run refiners. This adjustment comes amid a backdrop of escalating oil prices, which have surpassed $100 per barrel. Analysts predict that further increases of ₹2-4 per litre may be necessary if oil prices remain high. Public-sector refiners have indicated that a hike of ₹15-20 per litre is needed to cover their losses, as they are currently losing approximately ₹10 billion daily by selling fuels below market rates. The government has kept fuel prices stable since March 2024, prioritizing consumer protection at the expense of refiners' profits. In response to the financial strain, Prime Minister Narendra Modi has encouraged citizens to adopt measures to reduce fuel consumption, such as using public transport and working from home. He emphasized the importance of using imported fuels sparingly to conserve foreign exchange and mitigate the economic impacts of ongoing international conflicts. Daily price corrections, which were implemented in 2017, have been suspended since April 2022 to protect consumers from market fluctuations.