Fuel prices surge again in India

Fuel prices surge again in India
Petrol and diesel prices jumped by 90 paise per litre on Tuesday, marking the second increase in less than a week. In Delhi, petrol now costs Rs 98.64 per litre while diesel stands at Rs 91.58 per litre. Mumbai and Kolkata saw steeper hikes, with Kolkata recording a 96 paise increase in petrol prices to Rs 109.70 per litre. This follows a major Rs 3 per litre hike announced last Friday, the first price increase in four years. The government is responding to surging global crude oil prices, which have exceeded $120 per barrel due to shipping disruptions through the Strait of Hormuz. India, the world's third-largest oil importer, has been among the last major economies to adjust retail fuel prices. State-run oil corporations control over 90 percent of India's fuel distribution network and typically set prices in coordination with each other.