Petrol and diesel prices likely to rise before May 15 amid crude oil surge

A sharp rise in global crude oil prices has significantly increased the financial burden on oil marketing companies (OMCs), with sources saying they are suffering under-recoveries of nearly Rs 30,000 crore every month. Crude prices have surged from around USD 70 per barrel to nearly USD 126 per barrel due to the ongoing conflict in the Middle East, while retail fuel prices in India have remained largely unchanged despite the spike in import costs.

New Delhi: Petrol and diesel prices in India are expected to be increased before May 15 as state-run oil marketing companies (OMCs) come under growing financial stress due to the sharp rise in global crude oil prices, sources told India Today TV.

Increase in fuel pressure

According to sources, OMCs are currently facing under-recoveries of nearly Rs 30,000 crore every month as retail fuel prices remain largely unchanged despite rising import costs. The pressure has escalated after crude oil prices jumped from around USD 70 per barrel to nearly USD 126 per barrel amid the ongoing conflict in the Middle East.

Even as global oil prices continue to climb, fuel prices in India........

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