image sourced from original article at State-run fuel retailers are losing about 20 rupees per litre on petrol and nearly 100 rupees per litre on diesel, the government said, while ruling out any immediate increase in retail prices. The Ministry of Petroleum and Natural Gas stated that there is no proposal under consideration to raise fuel rates despite mounting losses.
Officials said retail prices have remained unchanged since April 2022, even as global crude oil prices have risen sharply due to tensions in the Middle East. Crude prices, which were around 70 dollars per barrel last year, recently surged past 100 dollars after disruptions in a key shipping route that handles a significant share of global oil trade.
India, which imports the majority of its crude oil, is facing under-recoveries as global prices climb. The government recently reduced fuel taxes by 10 rupees per litre and imposed a levy on fuel exports to ease pressure on domestic consumers and ensure adequate local supply. Despite a rise of more than 50 percent in crude prices, petrol and diesel rates in the capital remain unchanged.
