Rising Oil Prices Trigger Fuel Hikes and Economic Growth Forecast Cuts

Geopolitical tensions in the Middle East have pushed Brent crude past $105 a barrel, sending shockwaves through energy-dependent economies.

 In India, state-run fuel retailers hiked petrol and diesel prices by 90 paise on Tuesday, marking the second major increase within a week.

Reacting to the sustained energy crisis, rating agency ICRA downgraded India’s FY27 GDP growth forecast to 6.2% from its previous 6.5% estimate. Concurrently, the Indian Rupee hit a historic low, closing at 96.53 against the US dollar.