On May 16, 2023, Indian oil marketing companies (OMCs) announced a ₹3 per litre increase in petrol and diesel prices, the first hike in nearly four years. In New Delhi, petrol now costs ₹97.77 per litre, while diesel is priced at ₹90.67. This price adjustment follows a dramatic rise in global crude oil prices, which have surged over 50% since late February due to geopolitical tensions involving the US and Israel's strikes on Iran. The increase brings fuel prices to their highest levels since May 2022, reflecting the ongoing impact of the conflict on energy markets. Additionally, the Union Finance Ministry has imposed a ₹3 per litre export duty on petrol to manage the financial fallout. Public-sector refiners have indicated that they may need to raise prices by ₹15 to ₹20 per litre to cope with the current crisis. Consumers can expect further increases of ₹2-4 per litre if oil prices remain elevated, as the government seeks to gradually adjust prices to mitigate the impact on households. CNG prices in major cities have also seen a rise of ₹2 per kg.