Petrol and diesel prices in India have remained stable, with petrol priced at ₹94.77 per litre in New Delhi and ₹103.54 in Mumbai. This stability comes despite oil marketing companies (OMCs) facing significant financial losses of approximately ₹30,000 crore per month due to soaring global crude oil prices, which have risen from around $70 to $126 per barrel amid ongoing tensions in the Middle East. The Indian government has managed to keep retail prices steady, absorbing much of the financial burden, even as other countries like Japan and Spain have raised their fuel prices by 30-35%. Officials indicate that this situation may not be sustainable, and a price hike could be imminent as the cost of crude oil continues to average around $105.4 per barrel in May. The government has already reduced excise duties on fuel, but further cuts appear limited.