Petrol, Diesel Prices Hold Steady As OMC Losses Reach ₹1,000 Crore Per Day

Petrol and diesel prices across major Indian cities remained largely unchanged on 12 May as the government reviewed the impact of rising crude oil prices linked to the ongoing West Asia conflict.

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The Centre said state-run oil marketing companies (OMCs) are currently absorbing losses of around ₹1,000 crore per day to protect consumers from a sharp rise in international crude oil prices.

The review came a day after Prime Minister Narendra Modi urged citizens to reduce fuel consumption, avoid unnecessary spending on imported products and conserve foreign exchange reserves.

The fifth meeting of the Informal Group of Ministers on West Asia was chaired by Defence Minister Rajnath Singh on Monday. According to the government briefing, India currently has 60 days of crude oil and natural gas reserves along with 45 days of LPG rolling stock.

Officials also stated that India’s foreign exchange reserves stood at $703 billion, which they said provides support against external energy-related risks.

Petrol And Diesel Prices On 12 May

Government Reviews Energy Situation

The government said petroleum product availability in the country remains stable despite volatility in global oil markets.

According to the official release, ministries linked to petroleum, railways, civil aviation, fertilisers, ports and science attended the review meeting on West Asia developments.

Officials informed the ministers that global crude oil prices continue to remain elevated, increasing the financial burden on oil marketing companies and the overall import bill.

Prime Minister Modi had earlier appealed to citizens to adopt fuel-saving measures, including greater use of public transport, carpooling and electric vehicles. He also asked people to avoid unnecessary foreign travel and reduce non-essential spending that increases foreign exchange outflows.

The government said fuel conservation and controlled consumption could help reduce pressure on India’s energy import costs while maintaining stable domestic fuel supplies.