Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “The Rs 3 hike in petrol and diesel prices reflects the pressure of elevated global crude oil prices and rising import costs on the government’s fiscal position. While the increase may temporarily add to inflation concerns and impact transportation and consumption costs, it also indicates the government’s focus on managing fuel subsidies and protecting forex reserves amid ongoing global uncertainty. In the longer term, such moves may further accelerate the push towards EV adoption and reduced dependence on imported fuel.”
