Fuel Prices Hiked After Four Years; Petrol, Diesel and CNG Become Costlier

India has increased petrol, diesel, and CNG prices for retail consumers from May 15, marking the first major fuel price hike in four years. Petrol prices rose by up to Rs 3.29 per litre, while diesel prices increased by over Rs 3 in major metro cities. CNG prices were also raised by Rs 2 per kg in Delhi and Mumbai.

The hike comes as state-run oil companies faced heavy losses due to rising global crude oil prices triggered by the Iran conflict. Experts warn that the increase may further push inflation higher by raising transportation and daily commodity costs.