After LPG, Is It Now the Turn of Petrol and Diesel? Plans Underway to Hike Prices! Check Today’s Latest Fuel Rates

Petrol-Diesel Prices: Oil Marketing Companies (OMCs) are currently in talks with the Central Government regarding a hike in petrol and diesel prices, as they are incurring losses on the retail sale of fuel.

Petrol & Diesel Prices Today (May 5): The country recently witnessed a significant hike of ₹993 in the prices of commercial LPG cylinders. In light of this, the question arises: after the increase in gas cylinder prices, is it now the turn of petrol and diesel?

It is worth noting that Oil Marketing Companies (OMCs) are currently engaged in discussions with the Central Government regarding a price hike for petrol and diesel, as they are suffering losses on their retail fuel sales. To offset these losses, these state-run companies are planning to raise fuel rates.

How ​​Much Could Prices Rise Per Liter?

A report by MoneyControl, citing a senior government official, states: “OMCs are incurring losses on the sale of petrol, diesel, and LPG. They are in constant contact with the Ministry of Petroleum and the Ministry of Finance, with whom discussions regarding a price hike are currently underway.” Another government official cited in the report suggested that prices could see an increase of ₹2 to ₹4 per liter.

Why Might Prices Rise?

Due to escalating tensions between Iran and the US, coupled with the ongoing crisis in West Asia, Brent crude oil prices have surged past the $126-per-barrel mark. Consequently, these companies are incurring financial losses.

The government is attempting to defer this price hike to prevent a rise in inflation within the country. For nearly four years, there has been no major increase in petrol and diesel prices. However, following the conclusion of the Assembly elections in four states, it is now widely anticipated that a hike in fuel prices is merely a matter of time.

Today’s Petrol and Diesel Rates