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, dealers said.

Prices vary across the country because of ​regional taxes.

Although petrol and diesel prices are deregulated in India, the government ⁠exerts significant influence on prices as the majority shareholder of the key retail ​companies.

Sujata Sharma, a joint secretary in the oil ministry, said on Monday that the state fuel ​retailers have been losing 7.5 billion rupees daily.

The government has no plans to provide financial support for them, Sharma said.

Sources at refiners said more price hikes are needed to recoup the ​losses.

The fuel retailers did not respond to Reuters’ emails seeking comment.

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 prices globally.

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.

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.

Dealers and analysts said they expected a staggered increase ​in prices, similar to April 2022 during the COVID pandemic.

Opposition ​parties said ⁠the government, headed by Prime Minister Narendra Modi, had postponed price increases to try to win votes in recent state elections.

Modi’s Bharatiya Janata Party won two of the four ⁠states, ​expanding its political influence.

Modi has urged people to limit their ​travel to conserve fuel and curb buying gold.