India's Oil Firms Hike Petrol, Diesel by 3 Rupees/Litre

State-owned oil companies in India, including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, raised petrol and diesel prices by approximately 3 rupees per litre on Friday, ending a pricing freeze that had lasted nearly two years amid surging global crude oil costs.

In New Delhi, petrol prices increased to 97.77 rupees per litre from 94.77 rupees, while diesel rose to 90.67 rupees from 89.67 rupees, according to industry data. Similar adjustments occurred nationwide, with variations due to state taxes, transportation costs and dealer commissions: petrol rose by 3.29 rupees in Kolkata, 3.14 rupees in Mumbai and 2.83 rupees in Chennai, while diesel increased by about 3 rupees in major cities. Compressed natural gas prices also climbed 2 rupees per kilogram to 79.09 rupees in Delhi.

The hike follows disruptions from escalating tensions in West Asia, including an Iran conflict that has constrained shipments through the Strait of Hormuz, a key route for half of India's crude imports. India relies on imported oil for 88 to 90 percent of its needs, with Brent crude reaching 106.60 dollars per barrel on Friday after peaking higher. Oil companies...