Fuel prices across India remained largely unchanged on May 11, with only minor adjustments reported in select cities, even as global crude oil markets continued to rally. Despite rising international pressure, state-run oil marketing companies have kept retail petrol and diesel rates mostly stable, offering temporary relief to consumers in major metropolitan regions.

In financial hubs such as Mumbai, petrol continues to be priced at around ₹103.50 per litre, while diesel is sold at approximately ₹90.01 per litre. In other major cities, rates also remain high, with Kolkata, Chennai, Hyderabad, and Bengaluru showing only marginal variations in fuel prices. Delhi continues to have relatively lower rates, with petrol at ₹94.77 per litre and diesel at ₹87.67 per litre.

The stability in domestic fuel prices comes amid a sharp rise in global crude oil benchmarks. Brent crude has surged close to $105 per barrel, driven by geopolitical tensions and renewed supply concerns in international energy markets. Industry observers note that such sustained increases typically place upward pressure on domestic retail fuel prices in importing countries like India.

Also Read: OMCs Report Rs 30,000 Crore Loss While Keeping Petrol And Diesel Prices Unchanged

However, state-owned oil companies are reportedly absorbing significant financial losses to prevent immediate price hikes for consumers. Estimates suggest that these firms are incurring losses of around ₹1,600–1,700 crore per day, amounting to over ₹1 lakh crore in roughly 10 weeks. This has raised concerns over the long-term sustainability of maintaining stable retail prices under volatile global conditions.

Fuel prices in India are influenced by multiple factors, including international crude oil rates, the rupee–dollar exchange rate, and domestic taxes such as excise duty and state-level VAT. While the central government has previously reduced excise duties on petrol and diesel to cushion price shocks, these interventions have also resulted in substantial revenue impacts for the exchequer.

Alongside petrol and diesel, changes have also been observed in the commercial LPG segment, where prices of 19-kg cylinders have increased in several cities. However, domestic LPG prices have remained unchanged for now, maintaining stability in household cooking fuel costs despite ongoing volatility in global energy markets.

Also Read: OMCs Report Rs 30,000 Crore Loss While Keeping Petrol And Diesel Prices Unchanged