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Petrol and diesel prices were raised by Rs 2.61-2.71 per litre on Monday, marking the fourth increase in less than two weeks, as state-owned firms continued to pass on rising international prices to consumers. With the latest revision, cumulative increases in petrol and diesel prices are almost Rs 7.5 per litre since fuel rate revision resumed on May 15 after a prolonged freeze. Petrol price was increased by Rs 2.61 a litre to Rs 102.12 per litre in Delhi from Rs 99.51. Diesel rates have been increased by Rs 2.71 to Rs 95.20 per litre from Rs 92.49, industry sources said. The hikes come amid elevated global crude oil prices and a weakening rupee, which have increased pressure on oil marketing companies' import costs.
With two months of fuel stockpiles, India faces no supply concerns despite disruptions to global energy flows, Oil Minister Hardeep Singh Puri on Tuesday said, while warning that state-run fuel retailers face losses of as much as Rs 1 lakh crore in a single quarter if elevated crude prices persist and retail fuel prices remain unchanged. He said that at some stage an assessment needs to be made on how long retailers can sustain losses from selling petrol, diesel and cooking gas LPG below cost, but refused to speculate if rates would be raised anytime soon. "We have no supply-side problems," the minister said at CII's Annual Business Summit here, adding that India began the crisis with "more than enough" crude oil and LPG inventories and had since ramped up domestic LPG production to 54,000 tonnes per day from about 36,000 tonnes previously. At the same time, the minister acknowledged growing fiscal stress from keeping retail fuel prices unchanged. "My oil companies are losing Rs 1,
Oil Marketing Companies (OMCs) in Telangana on Monday said the availability of petrol, diesel, and Liquefied Petroleum Gas (LPG) in the state is sufficient to meet current demand. OMCs have prioritised domestic LPG distribution, ensuring uninterrupted and timely delivery of cylinders, an official release said. Currently, approximately 2.18 lakh domestic LPG cylinders are being delivered daily in Telangana, as against 2,15,151 cylinders per day before the West Asia military conflict began, indicating a stable and robust supply system, it said. Demand for petrol and diesel has moderated and is now comparable to pre-war levels. LPG refill bookings have also declined significantly, as panic-driven bookings by consumers have reduced considerably, it added. According to the State-level Coordinator for OMCs, public sector oil companies are closely monitoring the supply situation and have undertaken necessary measures to streamline logistics and expedite deliveries. "OMCs are in continuou
In a first since fuel price deregulation, Indian state-run oil marketing companies will pay refineries a discounted price for petrol, diesel, aviation turbine fuel (ATF) and kerosene to limit mounting losses from a self-imposed freeze on retail fuel prices, sources said. The oil marketing companies (OMCs) on March 26 fixed rates for petroleum products that are at a discount of up to Rs 60 per litre to their imported cost, two people with direct knowledge of the matter said. The discounted rates, which are applicable with effect from March 16, will hit standalone refiners such as MRPL, CPCL and HMEL the most. International oil prices have risen from about USD 70 per barrel before the Middle East conflict to over USD 100, but retail petrol and diesel prices in India have remained unchanged, forcing OMCs to absorb the impact. With no immediate end to the conflict in sight, OMCs have decided to fix a discount on the refinery transfer price (RTP) - the internal price at which refineries