Petrol, diesel price hike

If approved, this would mark the first increase in petrol and diesel prices in nearly four years. The government is set to decide on the hike within the next few days.

Petrol and diesel prices may increase by around Rs 4–5 per litre. Domestic LPG cylinders could see a hike of about Rs 40–50. This increase is driven by a sharp rise in global crude oil prices due to the ongoing conflict in West Asia.

Retail rates have largely been frozen since 2022. State-owned fuel retailers are currently incurring losses of about Rs 20 per litre on petrol and roughly Rs 100 per litre on diesel. Oil marketing companies have been absorbing these losses due to unchanged retail fuel prices.

The government is closely monitoring the evolving situation in West Asia and its impact on global energy markets. The Ministry of Petroleum and Natural Gas confirmed that retail pump prices of petrol, diesel, and domestic LPG have been kept unchanged for an extended period.

However, no final decision has been announced yet regarding the price hike. The government will likely assess inflation concerns alongside the need for adjustments in fuel pricing.