Indian state-owned fuel retailers raised petrol and diesel prices for the third time this month, dealers said on Saturday, as the companies look to recoup losses caused by elevated crude oil prices amid the Iran war.

Petrol in New Delhi will cost 0.87 rupees (just under 1 U.S. cent) more at 99.51 rupees a litre, while diesel prices will be raised 0.91 rupees to 92.49 rupees per litre, dealers said.

India, the world’s third-largest importer and consumer of oil, was one of the last major economies to raise retail fuel prices after the U.S.-Israeli war on Iran triggered a surge in prices globally.

The price of fuel has become roughly 5 rupees more expensive over the three price increases. The fuel price rise announced on May 15 was India’s first in four years.

India hikes fuel prices for second time in a week

The companies are raising pump prices in a staggered manner, similar to the way they did in April 2022, when they increased retail prices after elections in some key states, including northern Uttar Pradesh.

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

Still, sources at refiners have said more price increases are needed to recoup the losses.

Bharat Petroleum (BPCL) continues to incur a revenue loss of 25 to 30 rupees per litre on diesel and 10 to 14 rupees per litre on petrol despite the higher prices, the refiner’s chairman said earlier this week.

India raises retail fuel prices for first time since Iran war started

India’s oil ministry has said the government has no plans to provide financial support for refiners.

BPCL, Indian Oil Corp and Hindustan Petroleum together control more than 90% of a network of 103,000 fuel stations and tend to set prices in tandem.