India has raised petrol and diesel prices for the first time in four years by about 3 rupees ($0.03) per litre, according to retailers in Delhi, as the country aims to recoup some of the losses incurred due to higher global oil prices, Reuters reports.

Global oil prices spiked at more than $120 per barrel, before pulling back to around $100 to $105 a barrel following the near-closure and severe disruption of the Strait of Hormuz, triggered by the US-Israeli war on Iran.

India is among the last major economies to raise retail fuel prices. A litre of diesel in Delhi will cost 90.67 rupees and petrol 97.77 rupees.