india hikes fuel prices first time four years amid iran war crude spike

India, a major oil importer, raised domestic fuel prices for the first time in four years after a nearly 50% surge in Brent crude due to the Iran war. State-run refiners (Indian Oil, Bharat Petroleum) are absorbing losses of 15-20 rupees per liter despite the hike, squeezing their margins. The price pass-through is partial and delayed, indicating ongoing margin pressure for refiners and potential fiscal/inflationary impact for India. The channel is input_cost (crude oil) with fx_passthrough (rupee depreciation likely). Impact is country-specific (India) but tied to global crude supply shock.