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Fuel Prices May Go Up Soon As Oil Firms Face Losses Amid Global Crude Spike

| May 01, 2026, 11:24:55 PM | TOI.in
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Petrol and diesel prices in India may see a hike soon as government sources indicate that an increase cannot be ruled out amid rising global crude oil prices. International oil rates recently touched a four-year high, driven by geopolitical tensions and disruptions in the Strait of Hormuz. Despite keeping retail fuel prices frozen for nearly four years, state-run oil companies are reportedly incurring heavy losses. While no immediate hike has been announced, analysts suggest a possible increase of Rs 25–28 per litre. The situation puts pressure on policymakers as global uncertainties continue to impact domestic fuel pricing. Watch

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