India raises fuel prices by nearly a rupee in second hike within a week

New Delhi: India raised ​prices of petrol and diesel by nearly a rupee ‌a ​litre on Tuesday, fuel retailers in Delhi said, as the government moves to recover losses incurred from high global crude prices.After the hike of roughly 0.9 rupees ($0.0093), petrol will cost 98.64 rupees a litre in Delhi while ⁠diesel will be at 91.58 rupees a litre, dealers said.Prices vary across the country because of regional taxes.The world’s third-largest importer and consumer of oil is one ‌of the last major economies to raise retail fuel prices after the U.S.-Israeli war on Iran triggered the effective closure ‌of the Strait of Hormuz.Global oil prices spiked ‌to more than $120 a barrel, before pulling back slightly.State-run ‌Indian Oil Corp, Hindustan ‌Petroleum and Bharat Petroleum, which together control more than 90% of a network of ​103,000 fuel stations, ‌tend to ​set prices in tandem.Tuesday’s increase followed ⁠India’s first rise in four years last Friday when it raised petrol and diesel prices by 3 rupees a litre.Analysts ​and ⁠opposition parties said ⁠that the government, headed by Prime Minister Narendra Modi, postponed increasing prices because of key state elections.Modi’s Bharatiya Janata Party ⁠went on to win two of the four key states, expanding its influence.Sujata Sharma, a joint secretary in the federal oil ministry, on Monday said state fuel retailers are incurring a daily loss of 7.5 billion rupees ‌on fuel sales.The government is not planning any financial support for state retailers ​right now, she added.Modi has urged people to limit their travel to conserve fuel and curb buying gold.