TNI Bureau: Oil marketing companies (OMCs) have increased the prices of petrol, diesel and compressed natural gas (CNG), citing losses caused by rising global crude oil prices. Petrol and diesel prices have been hiked by around Rs. 3 per litre, while CNG prices have gone up by Rs. 2 per kg.
Public sector OMCs — Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — were reportedly facing heavy under-recoveries due to high crude oil costs and unchanged retail fuel prices in the country.
Petrol and diesel prices had remained unchanged since March 2024 and were last reduced by Rs. 2 per litre ahead of the 2024 Lok Sabha elections. This marks the first increase in fuel prices since April 2022.
Although fuel prices in India are technically deregulated and can be revised daily based on global crude oil trends, changes are often influenced by the politically sensitive nature of fuel pricing.
Despite the current losses, OMCs had also earned profits over the past two years when global crude oil prices remained lower while retail fuel prices stayed largely unchanged.
 have increased the prices of petrol, diesel and compressed natural gas (CNG), citing losses caused by rising global crude oil prices.){kind=link}