New Delhi, June 12 -- Petrol and diesel prices remained largely steady on Friday despite soaring energy costs across the globe triggered by US-Israeli war on Iran and the near-closure of the critical waterway- the Strait of Hormuz. Due to surging global crude oil costs, state-run retailers began passing on costs to consumers recover part of massive accumulated losses.

On 25 May, oil marketing companies (OMCs) increased the cost of both petrol and diesel by more than Rs.2.50 per litre, marking a cumulative Rs.7.5 per litre hike since 15 May. In the last 4 years, the price of petrol and diesel in India are at their highest levels. Over the last two year, fuel prices remained largely frozen, barring a Rs.2 per litre cut in March 2024.

Indi...