On May 14, the Indian government officially raised fuel prices by 3 rupees (equivalent to 0.03 USD) per litre, a move aimed at easing the financial burden from rising global oil prices.
The price adjustment comes as the global energy crisis continues to pressure India's economy. The South Asian nation relies heavily on oil imports, with over 80% of its demand met by international markets.
The price hike was announced late on the weekend, just ahead of the Reserve Bank of India's (RBI) crucial policy meeting expected in June. Analysts say the fuel price increase could stall economic recovery and push inflation higher.
Earlier, Prime Minister Narendra Modi repeatedly called on oil-producing nations to boost output to stabilize markets, but negotiations have yet to yield concrete results.
