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RBI warns India could see petrol diesel hikes soon if Middle East turmoil continues
Economy
Published on 13 May 2026
Oil costs are rising fast, and price relief may run out
RBI Governor Sanjay Malhotra said India may face retail petrol and diesel price hikes if the Middle East conflict persists. Higher energy import costs and inflation risks could force adjustments even as the government cuts duties and state refiners absorb losses. Prime Minister Modi has urged fuel conservation, while oil companies struggle to keep current prices.
- RBI warns fuel prices could rise if Middle East conflict drags on
- Energy import costs are increasing, pressuring inflation and margins
- Duty cuts and losses absorbed by state refiners are cushioning prices
- Oil firms may find it harder to maintain current retail rates
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times