Petrol, Diesel and LPG Prices May See Increase
Fuel prices in India could be revised upward soon as the government assesses the impact of rising global crude oil rates amid escalating tensions in West Asia. According to sources, petrol and diesel prices may increase by ₹4–₹5 per litre, while domestic LPG cylinders could see a hike of ₹40–₹50 if a proposal is cleared.
If implemented, this would mark the first increase in petrol and diesel prices in nearly four years.
Final Decision Expected Within a Week
Officials indicated that discussions are ongoing, and a final call is likely within the next 5–7 days. The government is reportedly balancing two key concerns—reducing financial strain on oil marketing companies while avoiding a sharp spike in inflation that could impact consumers.
Earlier Denial vs Fresh Signals
The development comes after the government had earlier dismissed reports of a fuel price hike, calling them misleading and intended to create panic. However, fresh inputs suggest internal deliberations may now be underway due to changing global market conditions.
Oil Companies Facing Heavy Losses
Sources suggest that oil companies are currently absorbing significant losses—estimated at around ₹20 per litre on petrol and up to ₹100 per litre on diesel. Despite these pressures, officials have indicated that any price revision will be calibrated to minimise the burden on the public.
Govt Highlights Strategy to Manage Energy Crisis
Hardeep Singh Puri, Union Petroleum Minister, recently outlined the government’s approach to handling energy volatility. He said India absorbed much of the global price shock at the fiscal level instead of immediately passing it on to consumers.
He highlighted that India diversified crude sourcing from 27 to 41 countries and expanded LPG imports beyond the Middle East to nations like the US, Norway, and Algeria.
Boost in Domestic Production and Supply Measures
According to the minister, domestic LPG production has increased by nearly 60%, rising from 36,000 metric tonnes per day to 54,000 metric tonnes. At the same time, consumption patterns were adjusted by promoting a shift towards natural gas and piped LNG connections.
He also referred to coordinated efforts under “Operation Urja Suraksha,” which involved multiple stakeholders working to ensure stable energy supplies during global disruptions.
Current Prices Remain Stable for Now
Despite global volatility, fuel prices have remained unchanged in recent months. As of late April, petrol in Delhi stands at ₹94.77 per litre, while diesel is priced at ₹87.67 per litre.
