India limits fuel hike to about 3.5%, prices up ₹3

State-run oil firms losing ₹1000cr daily

State-run oil marketing companies and the government are taking a big hit here, losing around ₹1,000 crore every day, and over one lakh crore rupees each quarter.
With crude oil prices up in the past year (thanks mostly to the US-Iran conflict and disruptions in the Strait of Hormuz), India's massive oil imports are getting pricier and putting extra stress on the economy.

To help out, officials have also cut excise duties (which means less money for the government) and are asking people to use fuel wisely instead of rationing like some other countries.