On a quiet Tuesday in May 2026, the familiar numbers at Indian fuel pumps stood still: petrol at Rs 94.77 a litre in Delhi, diesel at Rs 87.67, unchanged from the day before. The stillness is held in place by state oil companies quietly absorbing losses of nearly Rs 1,000 crore each day, a cushion against a global crude surge born of the conflict in West Asia. It is the kind of pause a household recognises as a truce rather than a settlement, and the government's own words suggest the bill for that peace has not yet been fully paid.
Petrol and Diesel Prices Hold Steady as OMCs Absorb ~Rs 1,000 Crore Daily Losses Amid West Asia Tensions
Nothing at the pump had changed.
Mark
Prices didn't change today. Why is that the story?
Mimi
Because the steadiness is being paid for. The government says oil marketing companies are absorbing nearly Rs 1,000 crore a day so consumers don't feel the crude spike.
Mark
And yet the Prime Minister is asking people to use less fuel.
Mimi
Right. Supply is described as fine, but the cost is high. Modi on Sunday asked people to cut petrol and diesel use, and the post-meeting release said conservation can ease the burden.
Luke
Worth noting the Rs 1,000 crore figure is the government's own statement. The reporting doesn't give an independent calculation or say how it's measured.
Mark
What about the reserves numbers?
Mimi
Sixty days of crude, sixty of natural gas, 45 of LPG, and $703 billion in forex. Rajnath Singh asked for calm after chairing the fifth IGoM meeting.
Luke
Those are also official figures from a government release. And there's a tension: reassurance on supply alongside appeals to conserve.
Mark
Are prices going up, then?
Luke
Unknown. Government sources haven't ruled out a hike, but that's not a decision. The social media chatter linking it to election results is speculation.
Mimi
What's confirmed is that rates held on May 12, with Delhi petrol at Rs 94.77 and Mumbai at Rs 103.54.
Der Puls
- Pump prices held firm on May 12, but the calm rests on oil companies bleeding roughly Rs 1,000 crore every single day.
- Prime Minister Modi's appeal to 1.4 billion citizens to cut petrol and diesel use, and to defer gold and foreign trips, has set social media buzzing about an imminent hike.
- Government sources refuse to rule out a price increase, leaving consumers in a waiting game with no announced date.
- Defence Minister Rajnath Singh's inter-ministerial group is reviewing supply chain risks and urging calm while India points to 60 days of crude reserves and $703 billion in forex.
- The open question is how long the state oil firms can keep absorbing losses before pump prices are forced to move.
On a quiet Tuesday in May 2026, the familiar numbers at Indian fuel pumps stood still: petrol at Rs 94.77 a litre in Delhi, diesel at Rs 87.67, unchanged from the day before. The stillness is held in place by state oil companies quietly absorbing losses of nearly Rs 1,000 crore each day, a cushion against a global crude surge born of the conflict in West Asia. It is the kind of pause a household recognises as a truce rather than a settlement, and the government's own words suggest the bill for that peace has not yet been fully paid.
On Tuesday, May 12, 2026, a litre of petrol in Delhi still cost Rs 94.77 and diesel Rs 87.67. Nothing at the pump had moved. Behind that steadiness, state-run oil marketing companies are absorbing losses of nearly Rs 1,000 crore a day, according to the government, to keep a spike in global crude prices from reaching drivers and households.
The pressure traces back to the conflict in the Middle East, which has strained the economy and disrupted supply. On Sunday, Prime Minister Narendra Modi urged the country's 1.4 billion people to cut back on petrol and diesel, and to defer gold purchases and foreign holidays. Those appeals have fed speculation online that rates could rise at any moment, and the declaration of election results has added to the talk. Government sources have not ruled out a hike, though none has been announced.
Across the metros the picture was the same. Mumbai held at Rs 103.54 for petrol, Kolkata at Rs 105.45, and Hyderabad at Rs 107.50, with cheaper cities such as Chandigarh and Lucknow still in the mid-nineties.
On Monday, Defence Minister Rajnath Singh chaired the fifth meeting of the Inter-Ministerial Group, reviewing risks to energy supply chains and essential commodities. He urged people to stay calm, saying concrete steps were being taken to prevent shortages. A government release listed the cushion: 60 days of crude oil and natural gas, 45 days of LPG, and $703 billion in foreign exchange reserves. India, the world's third-largest refiner and fourth-largest exporter of petroleum products, said it is meeting domestic demand in full. The same release acknowledged the cost: international crude remains very high, and the nation is bearing a heavy burden. For now, the question hanging over every pump is how long the oil companies can carry that weight.
On Tuesday, May 12, 2026, a litre of petrol in Delhi still cost Rs 94.77 and a litre of diesel Rs 87.67. Nothing at the pump had changed. Behind that steadiness, state-run oil marketing companies are absorbing losses of nearly Rs 1,000 crore a day, according to the government, to keep a spike in global crude prices from reaching consumers.
The pressure comes from the conflict in the Middle East, which has strained India's economy and disrupted supply. On Sunday, Prime Minister Narendra Modi urged the country's 1.4 billion people to reduce their petrol and diesel use. His appeals have also asked citizens to defer gold purchases and foreign vacations.
Those appeals have fed talk on social media that fuel rates could rise at any moment. The declaration of election results has added to the speculation. Government sources have not ruled out a hike in the near future, though no increase has been announced.
Prices elsewhere in the metros were also unchanged. Mumbai stood at Rs 103.54 for petrol and Rs 90.03 for diesel. Kolkata paid Rs 105.45 and Rs 92.02, Chennai Rs 101.23 and Rs 92.81, and Bengaluru Rs 102.92 and Rs 90.99. Hyderabad was at Rs 107.50 for petrol and Rs 95.70 for diesel, while Thiruvananthapuram recorded Rs 107.40 and Rs 96.28. Jaipur was at Rs 104.94 and Rs 90.41, Patna Rs 105.23 and Rs 91.49, and Bhubaneswar Rs 101.03 and Rs 92.60.
Among the cheaper cities, Lucknow had petrol at Rs 94.73 and diesel at Rs 87.86. Chandigarh was at Rs 94.30 and Rs 82.45, Ahmedabad at Rs 94.49 and Rs 90.17, Gurgaon at Rs 95.30 and Rs 87.77, and Noida at Rs 94.85 and Rs 87.98.
On Monday, Defence Minister Rajnath Singh chaired the fifth meeting of the Inter-Ministerial Group (IGoM) in Delhi. The group reviewed risks to energy supply chains and to the domestic availability of essential commodities given the West Asia conflict. Singh asked people to stay calm and avoid panic, saying the government is taking concrete steps to prevent shortages or supply disruptions.
A government release after the meeting laid out the cushion. India holds 60 days of crude oil, 60 days of natural gas and 45 days of LPG rolling stock. Foreign exchange reserves stand at $703 billion. India is the world's third-largest oil refiner and fourth-largest exporter of petroleum products, shipping to more than 150 countries, and it is meeting domestic demand in full.
The release was equally direct about the cost. International crude prices remain very high, it said, and the nation is bearing a heavy burden as a result. Fuel conservation, it argued, can ease that burden. The open question is how long the oil companies can keep absorbing roughly Rs 1,000 crore a day before the pump prices move.
Bemerkenswerte Zitate
Fuel conservation can ease the burden of very high international crude prices.— Government release after the IGoM meeting
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