New Delhi, May 17 State-run oil marketing companies (OMCs) on Friday increased petrol and diesel prices by around Rs 3 per litre each as soaring crude oil prices and the escalating West Asia conflict sharply widened under-recoveries for fuel retailers.
The revised prices took immediate effect across the country. In Delhi, petrol prices rose by Rs 3.14 per litre to Rs 97.77, while diesel prices increased by Rs 3.11 per litre.
CNG prices were also revised upward, with retail rates in Delhi rising by Rs 2 per kilogram to Rs 79.09 per kg from Friday.
The fuel price revisions come amid mounting financial pressure on public sector fuel retailers, which have continued to shield consumers from the full impact of the sharp rally in global crude oil prices.
According to Sujata Sharma, Joint Secretary in the Union Petroleum Ministry, combined under-recoveries on petrol, diesel and LPG have reached nearly Rs 30,000 crore per month.
“Our OMCs are buying crude oil at higher rates but are not selling at corresponding rates to protect consumers. This impacts their finances,” Sharma said, adding that the Centre has already foregone nearly Rs 14,000 crore in monthly revenue through excise duty cuts on petrol and diesel.
Earlier this week, Petroleum Minister Hardeep Singh Puri warned that elevated crude oil prices could wipe out the entire FY26 profits of India’s state-run fuel retailers if current market conditions persist.
Industry estimates indicate that the country’s three major public sector fuel retailers — Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum — could together report losses of nearly Rs 1.2 lakh crore in the first quarter of FY27 if crude prices remain elevated.
