India’s first fuel price hike in four years is just a breather, not an end to rising costs. State refiners raised diesel and gasoline by only Rs 3 a litre, aiming to soften household impact while global crude stays above $100. But refiners are still bleeding money and want much larger adjustments—officials say losses top Rs 10 billion a day. The government is also pushing conservation measures and delaying larger increases, with more rises likely if the Persian Gulf conflict drags on.
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