New Delhi, May 23 -- While several countries across the world witnessed sharp increases in petrol and diesel prices following the West Asia crisis and disruption around the Strait of Hormuz, India recorded one of the smallest increases in retail fuel prices, with cumulative hikes of around 5 per cent despite rising global crude oil prices.

The recent phased revisions by oil marketing companies (OMCs) -- Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited -- raised petrol prices by about Rs 4.74 per litre and diesel prices by about Rs 4.82 per litre through revisions on May 15, 19 and 23.

The increase came after nearly 76 days during which domestic fuel prices were largely hel...