Petrol, Diesel Prices Today: Check Fuel Cost In Delhi, Mumbai, Kolkata, Bengaluru On 11 May

(MENAFN- Live Mint) Petrol prices in India remained elevated on Sunday, with the retail rate in Mumbai at ₹103.54 per litre. No revision was recorded compared to the previous day, although minor fluctuations have been observed over the past ten days, during which prices moved within a narrow range of ₹103.50 to ₹103.54 per litre.

The persistence of high fuel prices comes amid escalating geopolitical tensions in West Asia and growing concerns about disruptions to global energy supplies, developments that analysts believe could exert further pressure on international crude oil markets in the coming weeks.

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** Also Read** | Modi emphasizes on need of consuming petrol, gas with restraint due to Iran war

Prime Minister Narendra Modi said that the need of the hour, in the wake of the West Asia crisis, is to use petroleum products judiciously.

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AI powered insights from this story

.5 QUESTIONS1Why are petrol and diesel prices remaining high in India?⌵

Petrol and diesel prices are remaining high due to escalating geopolitical tensions in West Asia and concerns about disruptions to global energy supplies. These factors are putting pressure on international crude oil markets.

2How are Indian oil companies absorbing the impact of high global crude oil prices?⌵

State-owned oil marketing companies (OMCs) are incurring daily losses of approximately ₹1,600 to ₹1,700 crore to shield consumers from global energy shocks. They are selling petrol and diesel at rates well below cost.

3What is Prime Minister Modi’s advice regarding petroleum product usage?⌵

Prime Minister Modi has called for the judicious use of petroleum products, emphasizing that imported resources should be used only as needed. This is to save foreign exchange and reduce the adverse impact of global conflicts.

4What are the potential economic implications for India due to West Asia instability?⌵

Prolonged instability in West Asia could lead to higher crude prices, increasing transportation and manufacturing costs in India. This may contribute to inflationary pressures on essential commodities and services.

5How do international factors influence Indian fuel prices?⌵

Indian fuel prices are influenced by international crude oil benchmarks, the rupee-dollar exchange rate, and domestic taxation structures imposed by both the Union and state governments.

Speaking at an event in Telangana, Modi said imported petroleum products should be used only as needed, as this would not only save foreign exchange but also reduce the adverse impact of war.

Observing that India has, in recent years, emerged among the leading countries in solar power capacity, he said unprecedented progress has also been made in ethanol blending in petrol.

Acknowledging that such initiatives are helping India navigate the global energy crisis, the PM stressed the importance of energy conservation, reiterating that imported energy resources must be used judiciously and only when necessary.

Underscoring both financial and geopolitical benefits, he said, “Today, the need of the hour is to use petrol, gas, diesel and similar resources with restraint. We must use imported petroleum products only as needed. This will not only save foreign exchange but also reduce the adverse impact of war.”

** Also Read** | ‘No plans to support OMCs for losses on fuel sales’ OMCs incur loss of ₹1,600-1,700 crore a day to insulate India

State-owned oil marketing companies (OMCs) are absorbing massive losses of roughly ₹1,600 to ₹1,700 crore every day to shield consumers from the global energy shock, according to a PTI report.

Over the past 10 weeks, following the outbreak of conflict in the Middle East, these cumulative losses have surpassed a staggering ₹1 lakh crore, the news agency reported.

The mounting financial strain is now raising serious questions about how much longer these firms can sustain this buffer without facing financial capitulation. While many global energy systems have resorted to rationing or steep price hikes, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) have ensured uninterrupted supplies of petrol, diesel, and LPG at rates well below cost.

According to PTI sources, this strategy has pushed the companies’ combined under-recoveries-the shortfall between production costs and retail selling prices-to record highs.

Despite a 50 per cent surge in input crude oil prices, petrol and diesel continue to be priced at a two-year-old rate of ₹94.77 a litre and ₹87.67 per litre respectively.

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