Petrol and diesel prices remained unchanged across major Indian cities on May 18 despite rising global crude oil prices and concerns over further fuel price hikes amid escalating tensions in the Middle East. Oil marketing companies have not announced any fresh revision after increasing fuel prices by around Rs 3 per litre last week.
In Delhi, petrol continues to retail at Rs 97.77 per litre, while diesel is priced at Rs 90.67 per litre. Fuel rates remain higher in Mumbai, where petrol is being sold at Rs 106.68 per litre and diesel at approximately Rs 93.14 per litre. Prices in other metropolitan cities including Kolkata and Chennai have also remained stable for now despite mounting pressure from international oil markets.
The pause in domestic price revisions comes even as Brent crude climbed above $110 per barrel and West Texas Intermediate approached $107. Global oil prices have been rising sharply due to disruptions in the Strait of Hormuz and growing geopolitical tensions involving Iran, the United States and Israel. Analysts warn that prolonged instability could eventually force domestic fuel retailers to pass on higher costs to consumers.
Also Read: Court Observes Non-Veg Food Waste In Ganga May Hurt Religious Sentiments
Last week, Hardeep Singh Puri said public sector oil marketing companies could find it difficult to sustain losses from selling petrol and diesel below market-linked prices. According to the minister, state-run firms were facing daily losses of nearly Rs 1,000 crore due to the widening gap between global crude prices and domestic retail rates.
The Reserve Bank of India has also flagged concerns over the inflationary impact of elevated crude oil prices. The RBI Governor recently indicated that if high international oil prices persist for a prolonged period, the government may eventually need to allow further increases in retail fuel prices to manage fiscal and market pressures.
Meanwhile, global oil markets continued to react to fresh comments from US President Donald Trump, who renewed pressure on Iran to accept a deal aimed at restoring stability in the Gulf region. The continued rally in crude prices has intensified concerns in India over inflation, transport costs and the broader economic impact of sustained energy market volatility.
Also Read: VD Satheesan To Take Oath Today With 20-Member Kerala Cabinet