Uber Cites Rising Fuel Costs Impacting India Mobility Business
Uber Technologies Inc. reported that rising fuel prices are significantly affecting its mobility business in India and Brazil, where price sensitivity among riders and drivers impacts operations. CFO Balaji Krishnamurthy highlighted that global fuel cost increases, driven by the Middle East conflict, have hit emerging markets hardest. In India, petrol and diesel prices rose by ₹3 per litre in May, with Delhi petrol at ₹97.77 and diesel at ₹90.67 per litre.
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