Petrol and diesel price hiked today as OMCs face monthly losses of Rs 30,000 crore? Check fuel rates in Delhi, Mumbai, Kolkata and other cities. & more related news here

Petrol and diesel prices remained stable across the country on Sunday, May 10, even as oil marketing companies continue to face mounting financial losses amid rising global crude oil prices. Global crude oil markets remain nervous amid tensions in West Asia, but the government has kept fuel prices stable. The pause in fuel prices comes after the results of assembly elections in four states and one Union Territory were announced on May 4.

In Delhi, you have to pay Rs 94.77 to buy a liter of petrol and diesel continues to sell at Rs 87.67 per litre. Prices are comparatively higher in Mumbai, Hyderabad, Chennai, Bangalore, Kolkata and other cities. In Mumbai, it is sold at Rs 103.54 per liter and diesel continues to be sold at Rs 90.03 per litre.

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Gasoline and diesel prices today

According to a TOI report, petrol and diesel prices are likely to rise before May 15 as public sector oil marketing companies (OMCs) continue to suffer huge losses estimated at nearly Rs 30,000 crore a month. Here is a list of fuel prices in key cities in India:

Pressure on the WTO intensified after crude oil prices rose from around $70 to $126 per barrel amid the ongoing war in the Middle East. Despite the global oil crisis, India has so far kept retail fuel prices largely stable, with both the government and OMCs absorbing a significant share of the burden.

Oil PSUs lose nearly Rs 30,000 crore in a month

On Friday, the government said state oil companies are losing almost Rs 30,000 crore a month by selling domestic petrol, diesel and LPG below market prices. This has led to speculation that increasing financial pressure could lead to an increase in domestic LPG fuel and cylinder prices in the coming days.

When asked if the government was considering a fuel price hike, Sujata Sharma, joint secretary in the Ministry of Petroleum, did not respond directly. “The effort so far has been to ensure that there is no price increase,” he said at a press meeting. According to officials, other countries such as Japan, Spain and France have increased pump prices by 30% to 35% since the West Asian war began, but India has not. The cost of crude oil for Indian refiners has soared from $69 a barrel in February (average) to $114.4 last month.

Fuel losses can’t be sustained indefinitely, officials say

The cost of crude oil has averaged $105.4 a barrel so far in May. Brent crude was around $100 a barrel on Friday, while the Indian oil basket was priced at $99.69 a barrel. Officials said losses could not continue forever, particularly as fuel prices are expected to remain high for at least the next four months, even if a permanent ceasefire is declared immediately. Although the government has already reduced excise duty by Rs 13 per liter on petrol and Rs 10 per liter on diesel, officials said there is little scope left for further cuts.