India Braces for More Fuel Hikes As Iran War Forces Modi’s Hand

India’s consumers — hit with the first fuel price hike in four years — will likely face more such rises in the near term, as the government grapples with the economic impact of a months-long conflict in the Persian Gulf.

After weeks of speculation, India’s state-owned refiners finally announced an increase in diesel and gasoline prices on Friday — though only by 3 rupees (a little over 3 US cents) a liter, a level too modest to offset oil prices above $100 a barrel or to curb demand.