State-run oil marketing companies (OMCs) in India have raised the prices of petrol and diesel by ₹3 per litre, the first increase in over two years. Following the conclusion of state assembly elections in Assam, Kerala, Tamil Nadu, and West Bengal, petrol is now priced at ₹97.77 and diesel at ₹90.67 in New Delhi. In major cities like Kolkata and Chennai, prices have also increased accordingly, with petrol reaching ₹108.74 in Kolkata and ₹103.67 in Chennai. The OMCs, including Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, have been facing losses of approximately ₹20 per litre on petrol and ₹100 per litre on diesel due to high global oil prices. Despite the price hike, the Indian government had maintained stable retail prices since March 2024, even amidst rising global oil costs. The recent increase is anticipated to have broader economic implications, including potential inflationary pressures and impacts on GDP growth, as highlighted by economic analysts. Prime Minister Narendra Modi has urged citizens to conserve fuel to mitigate foreign exchange expenditure on oil imports.