India's state-run fuel retailers raised petrol and diesel prices by 3 rupees ($0.03) per liter, a little over a 3% increase, Bloomberg reported on May 15. This modest increase is India's first since the Iran war began in late February.

This marks India's first retail fuel price increase in four years. India, the world's third-largest importer and consumer of oil, has been one of the last major economies to increase retail fuel prices after shipping disruptions in the Strait of Hormuz triggered by the U.S.-Israeli war with Iran.