Petrol prices were raised by Rs 2.61 a litre and diesel by Rs 2.71 on Monday, the fourth increase in less than two weeks, even as Union Finance Minister Nirmala Sitharaman defended Prime Minister Narendra Modi’s austerity call amid the West Asia crisis, stressing the need to focus on the “3Fs” — fuel, fertiliser and forex. The latest fuel price increase has taken the cumulative hikes since May 15 to nearly Rs 7.5 per litre.Sitharaman said the crisis in West Asia was not merely a geopolitical issue, but one that would directly lead to higher fuel costs for common people. She, however, maintained that the domestic economy remained positive and resilient despite external challenges.In Delhi, petrol prices rose to Rs 102.12 per litre from Rs 99.51, while diesel climbed to Rs 95.20 from Rs 92.49. Fuel prices have now reached their highest levels since May 2022 after remaining largely frozen for more than two years, barring a Rs 2-per-litre cut in March 2024 ahead of the General Election.Global crude oil prices have surged by more than 50 per cent since late February following US-Israeli strikes on Iran and disruptions to shipping through the Strait of Hormuz, a key global oil transit route.The four rounds of petrol and diesel price hikes, totalling about Rs 7.5 per litre, have reduced the losses being incurred by state-owned oil firms from selling fuel below cost to nearly Rs 600 crore per day, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said on Monday.The losses on the sale of petrol, diesel and domestic LPG were around Rs 1,000 crore per day before the May 15 cycle of price revision began. “It is slightly less than Rs 600 crore per day now,” Sharma said.Sitharaman defended the government’s decision, saying that reducing excise duty on petrol and diesel would have resulted in a revenue loss of nearly Rs 1 lakh crore. She said India “cannot afford fear mongering” and stressed the need to give confidence to people amid the ongoing West Asia crisis.Addressing SIDBI’s 37th Foundation Day celebrations in Mumbai, Sitharaman said the government was closely monitoring global energy supplies and taking calibrated measures to maintain economic stability.She cautioned that as the US-Iran confrontation continued to shake international markets and drive up prices, India needed to pay special attention to the “three Fs” — fuel, fertiliser and foreign exchange. Besides petrol and diesel, she said fertiliser prices had reached “unimaginable” levels, while the soaring price of gold was also posing challenges on the external front.The latest revision is the fourth fuel price hike this month. Petrol and diesel prices were first raised by Rs 3 per litre on May 15, followed by an increase of around 90 paise per litre on May 19. On May 23, prices were further increased by 87 to 91 paise per litre.Meanwhile, speaking about the implications of the West Asia conflict, Oil and Natural Gas Corporation (ONGC) Director (Exploration) Sushma Rawat said crude oil prices remained highly unpredictable despite the uncertainties caused by the conflict.“The government has given relief to the people for 76 days during which prices were not increased. Prices have increased because the oil marketing companies were taking a hit of almost Rs 1,000 crore a day. How long can that continue?” she said.