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The Economic Times
The Economic Times
Business
Riya Gupta

A Rs 3 hike makes India’s inflation battle somewhat harder

Inflation India Oil ET Online Petrol Aditi Nayar Iran RBI ICRA Ltd

Indian Oil Marketing Companies (OMCs) have finally hiked petrol and diesel prices by Rs 3 per litre each after reportedly bleeding Rs 1,000-1,200 crore in losses every day since the Iran war began. The fuel rate hike comes two-and-a-half months after the US and Israel launched joint strikes on Iran, initiating a long-standing war that has shifted geopolitics, disrupted supply chains and caused price hikes across global economies.

Alongside petrol and diesel, the price of Compressed Natural Gas (CNG) has also been hiked by Rs 2/kg, raising the gas bill to Rs 84 per kg in Mumbai and Rs 79.09 per kg in Delhi.

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