Fuel Prices Up: Petrol, Diesel Hiked by Rs 3/Litre Amid Global Crude Surge The recent hike in petrol and diesel prices is a symptom of India's over reliance on imported energy.
This dependence threatens to destabilize the economy, with higher costs for consumers, crippling losses for state run oil marketing companies, and a drain on foreign exchange reserves.
India imports one third of its crude oil from West Asia, where conflict has sent global energy prices soaring by over 50% since it began.