diesel price

Fuel prices held steady across major Indian cities on Monday, defying volatile global crude oil markets driven by Middle East tensions. Despite Brent crude exceeding $106 per barrel, domestic petrol and diesel rates remained unchanged. This stability, however, is precarious, with potential hikes looming if international oil prices continue their ascent.

The Press Information Bureau's Fact Check unit has debunked viral claims of a significant hike in petrol and diesel prices, stating no such order has been issued. A senior government official confirmed there's no current proposal to increase retail fuel prices, reassuring consumers amidst global oil market volatility. Fuel prices in major cities remain unchanged.

Rahul Gandhi slammed the Rs 993 hike in commercial LPG prices as an "election bill," warning of impending petrol and diesel price increases. He asserted that the burden on businesses like dhabas and hotels will inevitably affect consumers' plates. Congress leaders criticized the government, stating their concern for public suffering is election-bound and accusing them of driving unemployment and inflation.

The JMM party plans protests against rising prices of essential goods and fuel. They claim prices have significantly increased since 2014. The party alleges further fuel price hikes are expected after election results. The BJP counters these claims, stating fuel prices have remained stable under the current government. They highlight past price increases during the UPA era.

Middle East conflict escalates, pushing crude oil prices above $126 per barrel and straining India's state-run oil companies. Facing mounting losses, these companies seek permission to raise pump prices, but the government hesitates, balancing consumer protection against financial pressures and potential inflation.

UAE motorists will face higher fuel costs in May 2026 as petrol prices see another significant increase. This marks the third consecutive monthly hike, driven by global oil market instability and geopolitical tensions. The latest revisions mean higher expenses for daily commutes and businesses reliant on transportation.

The ministry of petroleum and natural gas has firmly refuted claims of an impending petrol and diesel price hike, labeling such reports as 'fake news' designed to cause public alarm. Asserting India's unique fuel price stability over the past four years, the government highlighted its proactive measures to shield citizens from global energy market volatility and geopolitical impacts.

Rahul Gandhi has sharply criticized the Centre over rising inflation, highlighting a significant Rs 993 jump in commercial LPG cylinder prices in a single day. He warned that this surge, amounting to an 81% increase over three months, will heavily impact small businesses and household expenses, predicting further hikes in petrol and diesel prices.

Pakistan admits its vulnerability to global oil shocks, lacking strategic reserves like India, which holds 60-70 days of stock. Islamabad's limited reserves leave it exposed, unlike India's stable prices aided by fiscal space and strategic stockpiles. Pakistan's IMF commitments restrict its ability to offer consumer relief amid soaring crude prices.

Panic buying has gripped Nabarangpur and Koraput districts as fuel supply disruptions, linked to the West Asia conflict, cause partial petrol pump closures and long queues. Authorities have imposed sale limits to prevent hoarding, while assuring sufficient stock and transit supplies. Officials urge the public to avoid unnecessary rushes, attributing some demand to price hike rumours.

State-run fuel retailers will not receive government financial backing for losses incurred from selling petrol, diesel, and aviation turbine fuel below cost. Despite rising crude oil prices, the government has opted to shield consumers by not revising retail prices for these fuels, focusing instead on price adjustments for bulk diesel and commercial LPG.

Air India is slashing nearly 100 flights through July due to soaring jet fuel costs and airspace restrictions, making international routes unprofitable. This move deepens the crisis for the airline, which already faces significant losses. The situation is exacerbated by global oil price shocks impacting India's oil marketing companies, with fuel prices surging dramatically.

Middle East conflicts are driving crude oil prices above $100 per barrel, significantly boosting earnings for Indian upstream oil giants like ONGC and Oil India. While these companies anticipate substantial profit increases due to higher realisations, they face challenges from declining production in aging fields.

The India Meteorological Department has forecast the possibility of El Nino conditions during the South West monsoon season. Economists and experts note that a weak monsoon will add to the woes caused by higher crude oil prices, and fertilizer supply disruptions.

India's state-run oil companies are incurring significant losses, estimated at Rs 18 per litre on petrol and Rs 35 on diesel, due to unchanged retail prices amidst volatile global crude oil prices. Despite a government excise duty cut, these firms continue to face mounting financial strain, with potential price hikes anticipated post-state elections.