Petrol and diesel prices across major cities in India remained unchanged on April 20, despite rising global crude oil prices triggered by escalating tensions between the United States and Iran. According to government sources, authorities are exploring a fuel price stabilisation mechanism aimed at protecting consumers from sudden spikes in petrol, diesel, and LPG prices amid increasing volatility in global energy markets.

In the national capital, petrol continues to retail at Rs 94.77 per litre, while diesel is priced at Rs 87.67 per litre. Prices are higher in cities like Mumbai, where petrol costs Rs 103.50 per litre and diesel around Rs 90.01 per litre. Similar trends are observed in Hyderabad and Chennai. Analysts suggest that with upcoming state elections in regions such as West Bengal and Tamil Nadu, the government may be deliberately maintaining price stability to avoid burdening consumers.

In an unusual move since fuel price deregulation, state-run oil marketing companies are reportedly purchasing refined products like petrol, diesel, aviation turbine fuel (ATF), and kerosene from refineries at discounted rates. This step is intended to offset mounting losses resulting from the continued freeze on retail fuel prices, a measure adopted despite rising international crude costs.

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A recent report by Macquarie Group highlighted the financial strain on oil marketing companies, estimating losses of Rs 18 per litre on petrol and Rs 35 per litre on diesel at current spot pricing levels of $135–165 per barrel. The report further noted that every $10 per barrel increase in crude oil prices could add approximately Rs 6 per litre to these losses, underscoring the growing pressure on fuel retailers in the country.

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