New Delhi: India's state-run fuel retailers raised petrol and diesel prices by less than a rupee per litre on Tuesday, the second increase in a week, to recover some losses from high crude prices resulting from the Iran war.

After the rise of roughly 0.9 rupees, consumers will pay 98.64 rupees for a litre of petrol in New Delhi and 91.58 rupees for a litre of diesel. Prices vary across the country due to regional taxes. Although petrol and diesel prices are deregulated in India, the government exerts significant influence as the majority shareholder of the key retail companies.

Sujata Sharma, a joint secretary in the oil ministry, said on Monday that state fuel retailers have been losing 7.5 billion rupees daily, and the government has no plans to provide financial support. Sources at refiners said more price hikes are needed to recoup the losses.

The state-run suppliers raised petrol and diesel prices on Friday by 3 rupees a litre, the country's first price increase in four years. India is the world's third-largest importer and consumer of oil and was one of the last major economies to raise retail fuel prices after the US-Israeli war on Iran triggered a surge in global prices.

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