India to raise petrol and diesel prices next week amid Russian invasion of Ukraine

NEW DELHI: India will raise petrol and diesel prices next week for the first time in more than four months as global crude prices soar after Russia's invasion of Ukraine last week.

India will raise petrol and diesel prices next week for the first time in more than four months as global crude prices soar after Russia's invasion of Ukraine last week, three government officials said, amid growing concern about inflation.

Asia's third-largest economy, which imports 80% of its oil needs, faces retail inflation staying above the central bank's tolerance limit of 6% as companies pass on a nearly 40% rise in crude prices since November, as well as rises in prices for other imported raw materials, economists said.

State-run oil companies, which control the domestic market, have not raised prices since Nov. 4, aiming to help Prime Minister Narendra Modi's Bharatiya Janata Party in crucial state assembly elections including in the most populous state of Uttar Pradesh.

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