In a major blow to the common man, oil marketing companies have increased fuel prices today. The impact of the Middle East conflict and the blockade of the Strait of Hormuz has pushed international crude oil prices above $102 per barrel. Reports suggest that oil companies were losing nearly ₹1,000 crore daily and had accumulated a staggering ₹1 lakh crore loss over the last 4 months. While prices were kept steady during the 5-state assembly elections, the hike has been implemented immediately after the voting ended.

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