India Hikes Fuel Prices for the Second Time in a Week

India’s state fuel traders raised retail prices for the second time in less than a week, as they seek to cushion the blow to margins from soaring crude prices while the war in the Middle East drags on with no resolution in sight. Retail fuel prices in the country were hiked by the equivalent of $0.0093 per litre, Reuters reported. This is a third of last week’s price hike, which was the first in four years, highlighting the pain that the world’s third-largest crude oil importer is experiencing because of the developments in the…