…the world’s third-largest crude importer saw its wholesale inflation jump to 8.3% in April from a year earlier, significantly accelerating from 3.88% annual inflation in March

The hike amounts to over 3% and was necessitated by the global crude oil price surge that resulted in losses for India’s refiners. Still, New Delhi put off the price hike for much longer than other governments, due to the sensitivity of Indian consumers to such hikes.

Washington earlier extended the waiver to May 16, but this day is fast approaching with no change in the stalemate over the Strait of Hormuz, while Indian imports of Russian crude doubled from February to March, rising further to hit 2.3 million barrels daily earlier this month, according to Kpler data. This is an all-time high.

https://www.zerohedge.com/energy/india-raises-fuel-prices-first-time-four-years