India’s First Major Fuel Price Hike in Four Years: Analysing the Economics, Politics, and Way Forward for India’s Petroleum Sector
The Indian government’s decision to raise petrol and diesel prices by ₹3 per litre on May 16, 2026, marks the first major fuel price revision in more than four years. The last significant increase — defined as a hike exceeding ₹1 per litre — came in March 2022, when a staggered ₹9 rise followed Russia’s…