How do I make EEx output multi-line strings, while being indentation aware?

template = """
<%= multi_line_text_with_indentation %>
  <%= multi_line_text_with_indentation %>
    <%= multi_line_text_with_indentation %>
"""

text = """
hello
  cruel
    world
"""

template
|> EEx.eval_string([multi_line_text_with_indentation: text])
|> IO.puts()

The actual output is:

hello
  cruel
    world

  hello
  cruel
    world

    hello
  cruel
    world

The expected output in this case would be:

hello
  cruel
    world
  hello
    cruel
      world
    hello
      cruel
        world

There appears to be :indentation option available to all functions in EEx module (including eval_string function), yet I find myself failing to employ it to add indentation to strings evaled inside a template.

It looks to me I am missing something very obvious here