Diesel Prices

OMCs back in profit as under-recoveries on petrol and diesel shrink

Analysts and the government differ on fuel under-recoveries as crude prices ease, highlighting contrasting views on OMC margins and India's fuel pricing formula

Nayara cuts petrol price by ₹5 a litre, diesel by ₹3 as global rates ease

Nayara Energy, India's largest private fuel retailer, on Wednesday cut petrol prices by Rs 5 per litre and diesel by Rs 3 a litre across its nationwide network, marking the first reduction in retail fuel prices by any company in more than two years as easing tensions in West Asia pulled down international oil prices. The price cut follows a retreat in global crude oil prices after hostilities in West Asia eased and the reopening of a key maritime route restored the flow of crude oil and liquefied natural gas, reducing concerns over supply disruptions. The revised rates have come into effect at all of Nayara's more than 7,000 fuel stations across the country, industry sources said. Actual pump prices vary across states depending on local levies such as value-added tax (VAT). Public sector fuel retailers, however, kept prices unchanged. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), which together accou

OMCs' fuel marketing margins back above pre-conflict levels: Report

Profitability at state-run oil marketing companies (OMCs) is set to improve as falling crude oil prices lift fuel marketing margins, although rising debt levels and uncertainty over fuel taxes could limit the sector's longer-term earnings outlook, according to a JP Morgan report. Composite margins on petrol and diesel sales at state-run refiners and fuel retailers are now above levels seen before the recent Middle East conflict, with gains driven by lower crude prices and reduced central excise duties, it said. The start of the West Asia conflict triggered a surge in global oil prices but retail pump rates in India remained steady for large parts and rising only by a fraction of the required increase. Even after the Rs 7.50 per litre increase in petrol and diesel prices in May, retail pump rates were lower than the cost. "Our estimates for OMC composite margins on petrol and diesel are now higher than pre-war levels. Losses on LPG are still elevated, but should also start to track o

Fuel prices can't be cut immediately after global rates fall: Suresh Gopi

Union Minister Suresh Gopi on Thursday said that the fuel prices cannot be reduced immediately when the rate of global crude comes down as it involves many factors, including the time taken for the cheaper oil to reach India. Gopi, the Union Minister of State for Petroleum, Natural Gas and Tourism, said of the recent hike in fuel prices, only an increase of around Rs 3.94 per litre has made an impact, but it cannot be immediately rolled back just because the cost of crude has gone down globally. "It will take time as the cheaper crude has to be transported to India via Strait of Hormuz, which will see an excessive traffic of ship movement. So things will have to be normalised," he told reporters here. He further said that since the war broke out in West Asia in February this year, the oil companies were impacted in a big way and the central government absorbed the impact to a good extent. "By absorbing the impact, the Centre lost Rs 12,000 crore. None of the states reduced their ..

Govt warns industrial consumers against shifting to retail fuel outlets

State-run OMCs are currently absorbing losses of around Rs 550 crore per day on sale of petrol, diesel and domestic LPG

Private bus services may increase rates by 30% due to diesel price hike

Private bus operators here on Tuesday said they may have to increase their prices by around 30 per cent due to the diesel price hike. The diesel price is hovering around Rs 100 per litre and the difficulties in getting diesel have forced bus owners to ply fewer buses, said Pushkar Luley, joint secretary of the Bus Owners and Travel Agents Welfare Association. Around 125 buses ply between Chhatrapati Sambhajinagar and various other cities in Maharashtra and neighboring states, he said. Diesel prices have surged by nearly Rs 7.50 per litre in May amid the West Asia conflict. "We require average 300 litres of diesel per day per bus. Though our dealers are fixed, we now need to check availability of stock. The buses have not stopped plying completely, but we sometimes have to accommodate passengers in other buses if there are empty seats," said Luley. "Ticket prices have not increased yet, but looking at the situation, we will have to raise the prices by at least 30 percent," he ...

Petrol, diesel prices raised for fourth time in less than two weeks

Fuel prices were raised by ₹2.61-2.71 per litre as oil marketing companies continue to face mounting losses amid elevated global crude oil prices

Datanomics: Petrol CPI likely to go past 100, first in new series

Recent fuel price hikes likely to push petrol inflation above 2024 base-year levels after prolonged period of muted CPI readings

50% see rise in transport, service costs after fuel hikes, shows survey

Since May 15, fuel retailers have raised petrol by ₹7.38/litre and diesel by ₹7.52/litre as surging global crude oil prices and mounting losses forced repeated revisions

'Mehangai manav' strikes again: Rahul Gandhi slams PM Modi on fuel hike

Congress leader Rahul Gandhi on Monday launched a scathing attack on Prime Minister Narendra Modi over the latest fuel hike, saying 'mehangai manav' has struck again and he has just one job of making promises during elections and attacking people's pockets at other times. 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 fuel retailers continued to pass on rising international oil prices to consumers. "Mehangai manav' Modi strikes again. He raises petrol and diesel prices in installments - ensuring that your pockets are quietly picked, bit by bit," Gandhi said in his post in Hindi on X. "For months, I had been warning of an impending economic storm. But Modi Ji, true to form, was busy with elections at the time and the moment the elections ended, he hiked the prices of petrol and diesel by Rs 8," the Leader of Opposition in the Lok Sabha said. And, this upward trend will only continue, he ...

Petrol, diesel prices raised by up to ₹2.71; hike tops ₹7.5 within 2 weeks

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.

Third retail fuel price hike in 10 days; losses of OMCs narrow further

Oil marketing companies have raised fuel prices again amid elevated crude prices, while under-recoveries narrow as West Asia tensions keep energy costs high

Petrol, diesel prices hiked by 87-91 paise; third time since May 15

Petrol and diesel prices were increased by up to 91 paise per litre on Saturday, the third increase in less than 10 days. Petrol price has been increased by 87 paise in Delhi from Rs 98.64 to Rs 99.51 per litre. Diesel rates have gone up by 91 paise from Rs 91.58 to Rs 92.49. This is the third increase in rates since May 15, when state-owned oil companies started passing on the elevated energy prices arising from the West Asia conflict in a calibrated manner. Prices were hiked by Rs 3 a litre on May 15, followed by a 90 paise increase on May 19. In all, rates have gone up by almost Rs 5 per litre.

Fuel price rise impact: Consumption stocks may bear the brunt, say analysts

While companies have started to pass input cost rise to consumers, inflation, according to G Chokkalingam, founder and head of research at Equinomics Research has not become a major issue yet.

OMCs raise petrol, diesel price by 90 paise per litre, 2nd hike in a week

Petrol now costs ₹98.64 a litre in the national capital, from earlier ₹97.77 a litre and diesel is priced higher at ₹91.58 per litre

Petrol, diesel prices raised by 90 paise in second rate hike in a week

Petrol and diesel prices were increased by 90 paise per litre on Tuesday, the second increase in less than a week. Petrol price was hiked to Rs 98.64 a litre from Rs 97.77 per litre in the national capital. Diesel now costs Rs 91.58 a litre against Rs 90.67 previously, according to industry sources. This is the second increase in rates in less than a week. Prices were hiked by Rs 3 a litre on Friday. In Delhi, petrol now retails at Rs 98.64 per litre, up by 87 paise, while diesel is priced at Rs 91.58 per litre, higher by 91 paise. Mumbai saw petrol rise by 91 paise to Rs 107.59 per litre and diesel by 94 paise to Rs 94.08 per litre. Kolkata recorded the steepest hike in petrol at 96 paise to Rs 109.70 per litre, while diesel prices rose by 94 paise to Rs 96.07 per litre. In Chennai, petrol prices rose by 82 paise to Rs 104.49 per litre, and diesel by 86 paise to Rs 96.11 per litre.

OMCs hike petrol, diesel prices by Rs 3 per litre amid mounting losses

Petrol now costs ₹97.77 per litre in Delhi, up from ₹94.77 a litre earlier, while diesel prices have been raised to ₹90.67 per litre

Opposition attacks govt on fuel price hike, says it will cause inflation

Opposition parties slammed the Centre over the fuel price hike, warning of rising inflation and economic distress amid surging global crude oil prices

First of a few fuel price hikes; markets to remain rangebound, say analysts

The upward revision in prices for both fuels, said Jyotivardhan Jaipuria, founder and managing director at Valentis Advisors, was already expected though the quantum of ₹3 per litre seems too less.

'Further fuel price hikes may intensify FPI selling in Indian markets'

Elevated crude oil prices further worsen India's inflation-growth trade-off by putting pressure on the rupee, widening the current account deficit, & limiting the scope for aggressive monetary easing