India, May 25 -- Finance Minister Nirmala Sitharaman on Monday defended the recent hike in petrol and diesel prices, stating that India cannot afford "fear-mongering" amid global crude oil volatility triggered by geopolitical tensions in West Asia.

Her remarks came after state-run oil marketing companies increased petrol and diesel prices for the fourth time in 10 days, citing rising international crude oil prices and mounting under-recoveries.

Addressing concerns over inflation and fuel costs, Sitharaman said the government was closely monitoring the global energy situation and taking calibrated steps to maintain economic stability.

According to reports, the government may face a potential revenue loss of nearly Rs.1 lakh crore due to...