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India Raises Fuel Prices as Middle East Conflict Sends Global Oil Costs Soaring

India's state-run oil refiners increased gasoline and diesel prices for the first time in four years. They cited mounting losses and the need to moderate domestic demand amid elevated crude costs. The move reflects broader inflationary pressures rippling across global energy markets. US gasoline prices have climbed above $4.50 per gallon, hitting levels unseen since mid-2022. South African fuel costs reached four-year highs despite government price interventions. Ghana's inflation rate rose for the first time in 16 months as energy costs surged. The Middle East conflict continues driving crude prices upward. US import and export prices surged by their largest amount in four years due to oil-market pressures tied to the conflict.