India Raises Fuel Prices Second Time This Week

India's state fuel traders increased retail prices by $0.0093 per litre, the second hike in less than a week amid soaring crude oil costs from Middle East conflicts. This follows the first price increase in four years, pressuring the world's third-largest oil importer. The INR faces downward pressure from rising import costs and inflation concerns. Traders should monitor USD/INR for potential volatility as fuel price increases may accelerate inflation and impact India's current account deficit.