India, May 15 -- The BJP-led NDA government on Friday defended its decision to raise petrol and diesel prices by Rs.3 per litre - the first such hike in over four years - saying the move was financially unavoidable after state-owned oil companies absorbed massive losses for weeks amid a global crude price surge triggered by the US-Iran war and the wider West Asia conflict.

The Indian Oil Corporation (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) all raised prices by Rs.3 per litre with effect from Friday. In Delhi, petrol now costs Rs.97.77 per litre, and diesel Rs.90.67; and will have different pricing across states as per local levies

Union minister for petroleum and natural gas Hardeep Singh Puri had said already that ...