Indian oil marketing companies are poised to increase petrol and diesel prices due to soaring global crude oil costs. As of early Tuesday, Brent crude has hit $108 per barrel, causing OMCs to lose ₹24 per litre on petrol and ₹30 per litre on diesel.
Expected Price Increases:
Petrol prices may rise by ₹2 to ₹4 per litre soon. and Diesel prices are likely to see a similar increase.
OMCs have faced severe financial pressure recently. They reported a 16.16% decrease in LPG consumption in April 2026, with total usage dropping to 2.2 million tonnes.
The government previously reduced excise duty by ₹10 per litre, leading to a significant revenue loss of ₹1.7 lakh crore annually. A senior official stated, “We cannot keep prices unchanged when there are supply issues. At some point, we have to make adjustments according to market conditions.”
The government acknowledges that a price adjustment is unavoidable due to the financial strain on OMCs. Officials have not confirmed the exact timeline for the price hikes.
The expected announcement regarding petrol and diesel price increases will likely come soon after the election results.
