The world’s third-largest oil importer announced increased fuel prices and austerity measures due to the energy crisis.
India has raised fuel prices by about 3 percent as the energy crisis driven by the Iran war and closure of the Strait of Hormuz starts to bite on the economy.
The government in New Delhi announced the 3 rupees ($0.03) per litre price hike on Friday, as it moved to offset losses triggered by the shortage of supply. Gasoline prices rose to 97.77 rupees ($1.02) a litre, while diesel climbed to 90.67 rupees ($0.94).
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India is the world’s third-largest oil importer, with 90 percent of the oil it consumes coming from overseas, and about half of its usual crude supplies transiting the Strait of Hormuz.
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