Fuel Prices Remain Steady Amid Rising Global Crude Costs in India
Petrol, diesel prices on 13 May: What fuel costs in New Delhi, Mumbai, Kolkata, Bengaluru today
Mint
Image: Mint
On May 13, petrol and diesel prices in India remained stable despite rising global crude oil prices due to geopolitical tensions in the Middle East. Prime Minister Narendra Modi urged citizens to conserve fuel, while state-run oil companies continue to absorb substantial losses to shield consumers from price hikes.
- 01Petrol and diesel prices remain unchanged in India as of May 13.
- 02Prime Minister Modi emphasizes the need for fuel conservation amid global tensions.
- 03State-owned oil companies are absorbing daily losses of ₹1,600 to ₹1,700 crore.
- 04India has sufficient reserves to manage supply risks, with 60 days of crude oil and natural gas reserves.
- 05Cumulative losses for oil companies have exceeded ₹1 lakh crore over the past 10 weeks.
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As of May 13, petrol and diesel prices across India have remained unchanged, despite rising global crude oil prices driven by geopolitical tensions in the Middle East. Prime Minister Narendra Modi has called for citizens to conserve fuel and reduce unnecessary consumption, amidst speculation about potential demand-control measures. The government held a high-level review meeting to address energy preparedness, confirming that India has 60 days' worth of crude oil and natural gas reserves, along with 45 days of LPG supplies. Officials reassured the public that there is no immediate cause for concern, emphasizing that state-run oil marketing companies are currently absorbing losses of approximately ₹1,600 to ₹1,700 crore daily to protect consumers from price increases. Over the last 10 weeks, these companies have incurred cumulative losses exceeding ₹1 lakh crore due to the ongoing conflict in the Middle East.
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Consumers are currently shielded from price hikes, but ongoing losses for oil companies could lead to future price adjustments.
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