There are growing indications that the prices of petrol, diesel, LPG, and aviation turbine fuel (ATF) may rise in the near future. The primary reason behind this possibility is the sharp surge in global crude oil prices, which has increased financial pressure on oil companies.
According to sources, public sector oil marketing companies (OMCs) such as Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited are facing significant losses on the sale of petrol, diesel, domestic LPG, and ATF. As a result, these companies have expressed the need for a price revision.
Recently, crude oil prices in the international market crossed $126 per barrel, further widening the losses of OMCs. Company officials have stated that maintaining current fuel prices under such conditions is becoming increasingly difficult.
However, the government has adopted a cautious stance. Sujata Sharma, Joint Secretary in the Petroleum Ministry, noted that global crude oil prices remain highly volatile, but the government is striving to minimize the direct impact on consumers. She also clarified that there is currently no confirmed decision regarding an immediate increase in fuel prices.
