Petrol, Diesel Price Hike: As petrol and diesel prices went up by Rs 3 per litre on May 15, many Indians felt the pinch. The Rs 3 hike is the first revision in almost four years. 

However, it is the smallest price increase among major economies. Since the Iran war disrupted the Strait of Hormuz, the world's most critical oil route, fuel prices have surged across countries. Many governments passed on the full impact to consumers within days. Follow Live UpdatesIndia did not.

For nearly 76 days, public sector oil companies held prices steady, even as crude oil crossed $100 per barrel. Losses piled up. Under-recoveries touched around Rs 1,000 crore every day.

While several nations adjusted prices by 20, 40, even 90 per cent, India absorbed the shock for over two months.Government sources say this is a conscious choice. India imports 80-85 per cent of its crude oil. Every $10 rise in crude adds $13-14 billion to the import bill.

Source:Ndtv