Our Bureau
Mumbai
Fuel prices at the pump in India have stayed steady for now, but a fresh hike in petrol and diesel is looking more likely as state‑run oil firms report losses of nearly ₹30,000 crore every month. Public sector oil marketing companies (OMCs) are selling petrol, diesel and domestic LPG below actual market cost, forcing them to absorb the gap as global crude prices soar.
In Delhi, a litre of petrol still costs ₹94.77 and diesel ₹87.67, while in Mumbai the same litre of petrol is priced at ₹103.54 and diesel at ₹90.03. Rates are even higher in Kolkata, where petrol is ₹105.41 per litre and diesel ₹92.02, and in Hyderabad, where petrol is ₹107.50 and diesel ₹95.70. Chennai, Bengaluru and cities such as Pune and Ahmedabad are also seeing similar levels, with petrol above ₹100 per litre in most big metros.
Officials say crude oil costs have jumped from around $69 per barrel in February to over $126 per barrel amid the Middle East conflict, pushing losses to roughly ₹20 per litre on petrol and nearly ₹100 per litre on diesel for OMCs. The government has already cut excise duty by ₹13 per litre on petrol and ₹10 per litre on diesel, but officials warn there is little room left for more cuts. Ministry sources have indicated that the financial strain cannot be held for long and that a revision in fuel prices may come before mid‑May, though the Centre insists its current “endeavour” is still to avoid hikes for consumers.
