Petrol, Diesel Prices Today: Will Fuel Rates Rise Soon? OMC Losses Cross INR 1 Lakh Crore As Crude Oil Surges Above USD 104
Petrol and diesel prices remain unchanged despite crude oil crossing USD 104 per barrel. OMC losses cross INR 1 lakh crore amid Middle East tensions.
State-owned oil marketing companies (OMCs) have reportedly incurred losses exceeding INR 1 lakh crore over the past 10 weeks as they continue to shield consumers from soaring global crude oil prices triggered by the escalating Middle East conflict.
According to sources cited by PTI, the three state-run fuel retailers - Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited - are currently suffering combined under-recoveries of nearly INR 1,600 crore to INR 1,700 crore every day.
The mounting losses come even as petrol and diesel prices across India remain largely unchanged at nearly two-year-old levels despite a sharp jump in international crude oil prices.
Why Is Fuel Price Hike Speculation Rising?
Speculation over a possible increase in petrol, diesel, and LPG prices intensified after global crude oil prices crossed the USD 104 per barrel mark on Monday following fresh geopolitical tensions involving the United States and Iran. PM Narendra Modi Appeals to Citizens 'To Conserve Fuel, Revive Work From Home and Opt for Domestic Tourism' Amid Global Economic Crisis.
The latest rally in crude prices came after US President Donald Trump rejected Iran’s latest proposal linked to ongoing nuclear negotiations, triggering concerns over supply disruptions in the Middle East.
Prime Minister Narendra Modi further added to public discussion after urging citizens during a speech in Hyderabad to use petrol and diesel with “great restraint” amid the West Asia crisis.
However, the Indian government has repeatedly denied reports suggesting an imminent hike in fuel prices. PM Narendra Modi Hails Role of Spirituality, Social Participation at Art of Living Event in Bengaluru.
PM Narendra Modi Urges Fuel Conservation
During his address, PM Modi encouraged people to reduce unnecessary fuel consumption and adopt measures such as:
- Using public transport including metro and buses
- Opting for car-pooling
- Increasing freight movement through railways
- Switching to electric vehicles
- Reviving work-from-home and virtual meetings where possible
The Prime Minister also advised citizens to limit edible oil consumption and avoid nonessential gold purchases until next year to help ease pressure on India’s import bill and foreign exchange reserves.
Petrol Prices Today in Major Cities
| City | Petrol Price (Per Litre) | Change |
|---|---|---|
| New Delhi | INR 94.77 | 0 |
| Kolkata | INR 105.45 | +0.04 |
| Mumbai | INR 103.50 | -0.04 |
| Chennai | INR 100.95 | +0.15 |
| Gurgaon | INR 95.30 | -0.13 |
| Noida | INR 95.05 | +0.31 |
| Bangalore | INR 102.92 | 0 |
| Bhubaneswar | INR 101.16 | +0.22 |
| Chandigarh | INR 94.30 | 0 |
| Hyderabad | INR 107.46 | 0 |
| Jaipur | INR 105.03 | -0.10 |
| Lucknow | INR 94.69 | +0.16 |
| Patna | INR 105.23 | -0.51 |
| Thiruvananthapuram | INR 107.48 | 0 |
Diesel Prices Today in Major Cities
| City | Diesel Price (Per Litre) | Change |
|---|---|---|
| New Delhi | INR 87.67 | 0 |
| Kolkata | INR 92.02 | 0 |
| Mumbai | INR 90.03 | 0 |
| Chennai | INR 92.49 | +0.10 |
| Gurgaon | INR 87.77 | -0.12 |
| Noida | INR 88.19 | +0.38 |
| Bangalore | INR 90.99 | 0 |
| Bhubaneswar | INR 92.74 | +0.22 |
| Chandigarh | INR 82.45 | 0 |
| Hyderabad | INR 95.70 | 0 |
| Jaipur | INR 90.49 | -0.08 |
| Lucknow | INR 87.81 | +0.19 |
| Patna | INR 91.49 | -0.48 |
| Thiruvananthapuram | INR 96.48 | 0 |
What Could Happen Next?
With global crude oil prices continuing to remain elevated and OMC losses widening rapidly, market experts believe pressure may build for a revision in retail fuel prices if geopolitical tensions persist.
Still, the government appears focused on protecting consumers from immediate price shocks, especially amid concerns over inflation and economic stability.
India’s state-run fuel retailers are facing massive financial stress as crude oil prices surge globally while domestic petrol and diesel rates remain frozen. Although the government has denied any immediate fuel price hike, rising under-recoveries and geopolitical uncertainty continue to keep speculation alive.
(The above story first appeared on LatestLY on May 11, 2026 08:05 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).