New Delhi, May 15 -- India's state-run oil marketing companies (OMCs), which account for nearly 90% of the domestic fuel retail market, on Friday raised petrol and diesel prices by over Rs.3 per litre each, marking the first fuel price hike in four years.

The petrol, diesel price hike, which was widely anticipated, comes amid a nearly 50% surge in global crude oil prices over the same period. Petrol and diesel prices had remained unchanged despite sustained pressure from rising international oil prices.

Although the petrol and diesel price hike offers some relief to OMCs, analysts believe it is insufficient to fully offset the massive under-recoveries accumulated over the past few years.

At prevailing crude oil prices, OMCs were estima...