Fuel Prices Remain Steady Amid Rising Global Crude Costs in India
Petrol, Diesel prices today hiked? Check the latest rates in Delhi, Mumbai, Kolkata and other cities as OMCs bleed Rs 1,000 crore per day
The Economic Times
Image: The Economic Times
As of May 12, 2026, petrol and diesel prices in major Indian cities remain unchanged despite rising global crude oil prices and ongoing tensions in West Asia. The Indian government is absorbing losses of nearly ₹1,000 crore (approximately $120 million USD) daily to shield consumers from price hikes, while urging citizens to conserve fuel.
- 01Petrol and diesel prices in India have not changed as of May 12, 2026.
- 02The Indian government is absorbing daily losses of nearly ₹1,000 crore (about $120 million USD) to keep prices stable.
- 03Rising crude oil prices and geopolitical tensions are increasing speculation about potential future hikes.
- 04Current petrol prices range from ₹94.30 in Chandigarh to ₹107.50 in Hyderabad.
- 05Defence Minister Rajnath Singh reassured citizens of adequate fuel reserves amid supply chain concerns.
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On May 12, 2026, petrol and diesel prices in India remained stable despite growing concerns over energy security and rising global crude oil prices. In Delhi, petrol is priced at ₹94.77 per litre, while in Mumbai, it costs ₹103.54. The Indian government is currently absorbing losses of nearly ₹1,000 crore (approximately $120 million USD) per day to shield consumers from potential price increases. Geopolitical tensions in West Asia have raised concerns about supply disruptions, prompting Prime Minister Narendra Modi to urge citizens to reduce fuel consumption. Defence Minister Rajnath Singh emphasized that India has sufficient reserves, including 60 days of crude oil and natural gas, and 45 days of LPG. He reassured the public that the government is taking steps to prevent shortages and maintain supply chains, highlighting India's position as the world's third-largest oil refiner and fourth-largest exporter of petroleum products.
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The government's decision to absorb losses helps prevent immediate price hikes, providing relief to consumers who rely on fuel for daily transportation and goods delivery.
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