Centre Says It 'Can't Predict' Next Fuel Price Hike As Oil Firms Continue To Suffer Losses
Centre Says It 'Can't Predict' Next Fuel Price Hike As Oil Firms Continue To Suffer Losses Published By, Last Updated: May 18, 2026, 17:03 IST
Centre Says It 'Can't Predict' Next Fuel Price Hike As Oil Firms Continue To Suffer Losses Published By, Last Updated: May 18, 2026, 17:03 IST Centre assured India currently has adequate stocks of petrol, diesel, LPG and natural gas, and urged people not to panic buy. Oil marketing companies continue to face mounting financial pressure due to rising global crude prices. The Centre on Monday said it cannot predict when the next fuel price revision will take place, even as state-run oil marketing companies continue to face mounting financial pressure due to rising global crude prices linked to the ongoing war in West Asia. Speaking at an inter-ministerial briefing on the developments in West Asia, Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas, said the government was closely monitoring the situation but remained non-committal on any further hike in petrol and diesel prices. Adequate stocks of petrol, diesel, #LPG and natural gas are available across the country.
There is no need for panic among LPG distributors, retail outlets or consumers, as the supply of all essential fuels continues normally.💠The Government has urged people to avoid panic… pic.twitter.com/AQAGDcc2t0 — PIB India (@PIB_India) May 18, 2026 Last Friday, the Centre had raised petrol and diesel prices by Rs 3 per litre each across the country. Following the hike, petrol in Delhi rose from Rs 94.77 to Rs 97.77 per litre, while diesel increased from Rs 87.67 to Rs 90.67 per litre. CNG prices were also increased by Rs 2 per kg in cities including Delhi and Mumbai. Fuel, LPG Stocks Sufficient Additionally, addressing concerns over fuel availability, Sharma said India currently has adequate stocks of petrol, diesel, LPG and natural gas, and urged people not to panic buy. “There is no need for panic among LPG distributors, retail outlets or consumers, as the supply of all essential fuels continues normally," she said. “It has been more than two-and-a-half months since the West Asia crisis began, and the situation in the Strait of Hormuz is still not normal," she said.
“However, our refineries are operating normally, and we have sufficient crude inventories." The joint secretary further added that every effort was being made to ensure uninterrupted fuel supply across the country and encouraged citizens to adopt alternative cooking options such as PNG, induction and electric cooktops. Oil Firms Under Pressure Despite Hike The petroleum ministry’s press briefing comes at a time when Indian oil companies are facing significant losses, even after the Centre increased petrol and diesel prices by Rs 3 per litre each last Friday. According to a report by analyst firm Nomura, the current retail adjustments are not enough to offset rising crude oil costs and supply disruptions linked to the ongoing war. The report estimates that oil marketing companies would require an additional Rs 25 per litre increase to fully break even on fuel margins. Nomura also warned that disruptions in supply routes, particularly around the Strait of Hormuz, have sharply increased global LPG costs.
Prices are estimated to have nearly doubled from around $520 per tonne to nearly $1,000 per tonne. The firm said combined daily LPG losses for state-run oil marketing companies could be around Rs 440 crore, adding to already strained balance sheets. News18 Newsletter Handpicked stories, in your inbox A newsletter with the best of our journalism submit First Published: May 18, 2026, 16:37 IST News india Centre Says It 'Can't Predict' Next Fuel Price Hike As Oil Firms Continue To Suffer Losses Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy Loading comments...
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