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.

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As of early Tuesday, retail fuel prices have remained unchanged since 2022. State-owned oil marketing companies have incurred substantial losses, about Rs 20 per litre on petrol and roughly Rs 100 per litre on diesel.

The government is expected to make a decision on this price hike within the next 5–7 days. The increase is driven by a sharp rise in global crude oil prices linked to ongoing conflicts in West Asia.

Key facts:

• Petrol and diesel prices may increase by around Rs 4–5 per litre.
• Domestic LPG cylinders could see a hike of about Rs 40–50.
• Oil companies have been absorbing losses due to unchanged retail fuel prices.

The Ministry of Petroleum and Natural Gas stated that retail pump prices have been kept unchanged despite rising global oil prices. Government sources mentioned they are closely monitoring the evolving situation in West Asia and its impact on global energy markets.

No final decision has been announced regarding the price hike. Further developments are expected as the government evaluates the situation.

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The price of a 14.2-kg domestic LPG cylinder was hiked due to geopolitical disruptions to fuel supply. This increase has now been compounded by a recent decision from oil marketing companies to raise the prices of non-subsidised domestic LPG gas cylinders by 60 rupees across metropolitan cities in India.

Recent Developments

The price for a 14.2 kilogram gas cylinder has been increased from 853 rupees to 913 rupees in Delhi. New rates for LPG cylinders in other major cities include 912.50 rupees in Mumbai, 939 rupees in Kolkata, and 928.50 rupees in Chennai. Additionally, rates for commercial LPG gas cylinders have seen an increase of 115 rupees.

In response to the rising prices and to curb hoarding, the Indian government has extended the LPG booking period from 21 days to 25 days. This measure aims to stabilize supply amidst growing concerns over availability.

Impact on the Hospitality Sector

An acute shortage of commercial LPG cylinders is disrupting the hospitality sector in cities such as Mumbai, Bengaluru, and Chennai. Reports indicate that at least 20 percent of the hotels and restaurants in Mumbai have had to shut down temporarily due to the LPG cylinder shortage.

AHAR – the Indian Hotels and Restaurants Association, has expressed concerns, stating, “Despite being a basic operational requirement for restaurants and hotels, commercial cylinders are becoming increasingly difficult to obtain through proper channels.” This sentiment underscores the challenges faced by the industry as it grapples with supply issues.

Government Response

In light of these challenges, the Government of India has invoked the Essential Commodities Act to ensure the supply of natural gas. Officials have emphasized that the supply of natural gas must be treated as a priority allocation, ensuring that it is maintained at one hundred percent of the average past six-month average gas consumption.

Looking Ahead

Details remain unconfirmed regarding the exact impact of ongoing geopolitical conflicts on future gas cylinder prices. Observers are closely monitoring the situation as it develops, with many hoping for a resolution that stabilizes both prices and supply in the near future.

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The Indian Oil Corporation (IOC) saw its share price slip by 7.2% on March 9, 2026, a notable drop that reflects broader trends affecting oil marketing companies (OMCs) in India.

This decline is part of a larger pattern, as shares of Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) also fell, with HPCL dropping 8.7% and BPCL decreasing by 7.99%.

Overall, OMC stocks have experienced a decline of approximately 14-15% in March 2026, driven by a significant surge in global crude oil prices.

On the same day, Brent crude prices surged by 26.4%, reaching $117.16 per barrel. By 9:15 AM, prices remained elevated at $114.08, indicating ongoing volatility in the market.

The sharp fall in oil marketing company stocks is linked to these rising crude oil prices, which have been influenced by geopolitical tensions affecting supply chains.

Despite the recent downturn, IOC maintains a market capitalization of Rs 2,25,021.93 crore. In a move to reward shareholders, IOC announced a second interim dividend of Rs 2 per equity share for the financial year 2025-26.

The record date for this dividend is set for March 27, 2026, with payments expected to be made on or before April 5, 2026.

Historically, IOC’s share price reached a 52-week high of Rs 188.90 on February 27, 2026, while its 52-week low stands at Rs 120.05.

As the situation develops, investors and analysts will be closely monitoring the impact of fluctuating crude prices on IOC and its peers. Details remain unconfirmed regarding the long-term implications of this volatility on the market.

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Oil marketing companies have increased the prices of non-subsidised domestic LPG gas cylinders by 60 rupees across metropolitan cities in India. This adjustment has raised the price for a 14.2 kilogram gas cylinder in Delhi from 853 rupees to 913 rupees.

In Mumbai, the new rates for LPG cylinders will be 912.50 rupees, while in Kolkata, the price has been set at 939 rupees. Chennai residents will now pay 928.50 rupees for the same cylinder. Additionally, the rates of commercial LPG gas cylinders have been increased by 115 rupees.

The revised prices of LPG gas cylinders have come into effect from today, marking a significant change in the cost of cooking gas for households and businesses alike. This price hike is attributed to increased energy prices due to the conflict in West Asia, which has impacted global oil markets.

Notably, this is not the first increase in recent months; the price of domestic cooking gas was also hiked by 60 rupees per cylinder on March 7, 2026. Such fluctuations in pricing reflect ongoing volatility in the energy sector, which is influenced by various geopolitical factors.

As consumers adjust to these new prices, observers are closely monitoring the situation for any further changes. The impact of these increases on household budgets and business operations remains to be seen, as many families rely on LPG for cooking and heating.

Details remain unconfirmed regarding potential future adjustments or government interventions to mitigate the impact of these rising costs on consumers.

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