New Delhi, May 15 -- Finally, the suspense on fuel hike has ended as the oil marketing companies (OMCs) on Friday morning increased the prices of petrol and diesel by Rs.3 per litre. The move comes nearly three months into the Middle East war, which has pushed global crude oil higher, and the completion of the state elections.

India is one of the last economies to raise the fuel prices following shipping disruptions at the Strait of Hormuz. Many brokerages had predicted that the government might undertake a fuel price hike following the assembly polls, as OMCs faced steep losses due to crude oil sailing above the $100 mark since the end of February.

At current crude levels, OMCs were estimated to be losing Rs.20 per litre on petrol and ...