With global crude oil prices soaring, Indian oil marketing companies (OMCs) face severe financial losses, prompting imminent price hikes for petrol and diesel. Petrol and diesel prices in India are likely to increase by ₹2 to ₹4 per litre soon.
Brent crude oil prices have reached $108 per barrel. OMCs are currently losing ₹24 per litre on petrol and ₹30 per litre on diesel. The government previously reduced excise duty by ₹10 per litre, resulting in a revenue loss of ₹1.7 lakh crore annually.
LPG consumption trends:
- LPG consumption in India decreased by 16.16% in April 2026.
- LPG consumption fell to 2.2 million tonnes in April 2026.
- The average price of a 19-kg LPG cylinder in Delhi has reached ₹3,071.50.
Officials state that OMCs are facing significant financial pressure due to rising crude oil prices. A senior official remarked, “We cannot keep prices unchanged when there are supply issues. At some point, we have to make adjustments according to market conditions.”
The government believes that a price adjustment is unavoidable due to the financial strain on OMCs. The next ruling is expected soon after the election results.
