Petrol and diesel prices stayed steady across most major Indian cities on Saturday even as global crude oil firmed up amid geopolitical tensions. Oil marketing companies and the government have been absorbing higher costs for over two months to avoid retail hikes, but the cushion is reportedly running thin. Watch Delhi, Mumbai and Gurugram for what comes next week.
Indian oil PSUs are reportedly losing about ₹30,000 crore every month on petrol, diesel and LPG as international fuel prices rise sharply. Some retail prices have been adjusted, but regular petrol and diesel rates remain unchanged, keeping under-recoveries high. Indian Oil, HPCL and BPCL face pressure on earnings, and their shares have fallen.
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Petrol and diesel prices may rise by ₹5 to ₹7 per litre nationwide by May 15, sources say. The expected increase follows a global crude oil price uptick and mounting pressure on domestic oil marketing companies to bring retail rates in line with international benchmarks. An LPG price revision could also be considered, adding to household cost concerns.
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