Fuel Price Hike Likely: Petrol, Diesel May Rise By ₹4–5/Litre, LPG By ₹40–50 Soon
Fuel Price Hike Likely: Petrol, Diesel May Rise By ₹4–5/Litre, LPG By ₹40–50 Soon
Government may take decision within 5–7 days amid surge in global crude oil prices
Petrol, diesel and LPG prices in India may soon see an increase, with the government actively considering a revision in rates amid a sharp rise in global crude oil prices. Sources indicate that a final decision on the proposed hike is likely within the next five to seven days.
As per initial estimates, petrol and diesel prices could go up by around ₹4 to ₹5 per litre, while domestic LPG cylinders may become costlier by ₹40 to ₹50. If approved, this would mark the first increase in petrol and diesel prices in nearly four years, as retail rates have largely remained unchanged since 2022.
The possible hike is being driven by rising global crude oil prices, which have surged due to escalating tensions in West Asia. Concerns over supply disruptions, shipping risks and prolonged instability in the region have pushed up international oil benchmarks, increasing the cost burden on oil marketing companies.
With retail prices frozen for an extended period, these companies have been absorbing higher input costs, leading to growing financial stress and under-recoveries. At the same time, elevated crude prices are also adding pressure on government finances by increasing subsidy requirements and limiting the scope for tax relief.
Officials are currently evaluating multiple options, including the timing and scale of any increase, as the government attempts to balance the financial health of oil companies with the need to protect consumers from a sharp rise in inflation.
Any increase in fuel and LPG prices is expected to have a wider impact on household budgets, transportation costs and overall inflation. The government is said to be closely monitoring global developments before taking a final call, with an emphasis on ensuring that any hike is calibrated and does not trigger a sudden spike in prices.
Disclaimer: Fuel price changes may vary based on government decisions and global market conditions.
