CHENNAI: India on Friday increased petrol and diesel prices by around Rs 3 per litre, marking the first major fuel price hike in four years, according to fuel retailers in Delhi, said a Reuters report.
Petrol and diesel prices in Chennai witnessed a sharp increase on Friday, with petrol going up by Rs 3.10 per litre and diesel by Rs 3.08 per litre.
Following the revision, one litre of petrol is being sold at Rs 103.90, while diesel is priced at Rs 95.47 per litre in the city.
Earlier, petrol was sold at Rs 100.80 per litre and diesel at Rs 92.39 per litre.
Global crude oil prices surged past 120 USD per barrel before easing to around 100-105 USD amid major disruptions in the Strait of Hormuz caused by the escalating US-Israel conflict with Iran.
India, one of the few major economies that had so far avoided a fuel price revision, has now increased retail petrol and diesel prices.
Variations in fuel prices are commonly seen across different cities and states due to differences in local taxes, including Value Added Tax (VAT) imposed by respective state governments.