New Delhi, May 2 -- Global oil prices jumped sharply after the US and Israel launched strikes on Iran on February 28, followed by Tehran's extensive retaliation that effectively closed the Strait of Hormuz. Crude oil, which was priced at around $70 per barrel last year, has averaged more than $114 per barrel in late April.

But the Indian government said that the retail prices of petrol and diesel have remained unchanged since early April 2022.

Last week, a senior oil ministry official said that state-run fuel retailers were facing losses of around Rs.20 per litre on petrol and nearly Rs.100 per litre on diesel because of unchanged retail prices for almost four years, despite the rise in international oil rates.

Notably, state-run oil c...