India Raises Petrol and Diesel Prices by Rs 3 Amid Mounting Losses
Public sector oil firms in India have increased petrol and diesel prices by approximately Rs 3 per litre across major metros, marking the first significant hike since April 2022. Compressed Natural Gas (CNG) prices rose by Rs 2, while piped kitchen gas rates remain unchanged. The decision comes as state-run retailers face substantial financial losses, with daily under-recoveries estimated between Rs 500 crore and Rs 1,000 crore due to soaring global crude oil prices, which jumped from $69 to over $106 per barrel between February and May 2026. Although the current increase partially addresses these deficits, ratings agency Crisil notes that under-recoveries still stand at Rs 10 per litre for petrol and Rs 13 for diesel. Government officials indicated that further hikes may follow, contingent on administrative approval. This move aligns India with global trends, where countries like the US and Canada have seen significant fuel price surges. The adjustment occurs shortly after state elections, ending a prolonged period of price freezes intended to shield consumers from inflationary pressures.
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