India's state-run oil companies have raised diesel and petrol prices for the third time in eight days to cover losses and manage demand. This price hike occurs against a backdrop of global geopolitical tensions, particularly concerning the US and Iran.

India’s state-run refiners raised retail prices again of diesel and petrol on Saturday to help processors cut losses on discounted sales and to control a spike in demand. Prices of both fuels rose by nearly one per cent, or less than 1 rupee, with petrol now sold at 99.51 rupees (US$1.0399) and diesel at 92.49 rupees per litre in New Delhi, according to the website of Indian Oil Corporation, the country’s largest fuel retailer. Prices vary across India due to local taxes. Smaller peers Bharat...