Editorial photo #13705674 Economy, Business and Finance

India Raises Retail Fuel Prices For First Time Since Iran War Started

A man stands atop a petrol tanker truck at a Hindustan Petroleum fuel station in Srinagar, Jammu and Kashmir, on May 15, 2026. India's state-run fuel retailers have raised petrol and diesel prices for the first time in four years by 3 rupees ($0.03) per litre, or more than 3%, according to dealers, to address losses from higher global crude oil prices. India, the world's third-biggest oil importer and consumer, is among the last major economies to increase retail fuel prices following disruptions to shipping through the Strait of Hormuz due to the conflict involving the United States, Israel, and Iran. Earlier, Indian Prime Minister Narendra Modi urged citizens to reduce fuel consumption by using public transport, working from home, reducing overseas travel, and pausing gold purchases, as rising global energy prices impact the country's foreign exchange reserves. (Photo by Firdous Nazir/NurPhoto)