21 April,2026 03:59 PM IST | New Delhi | mid-day online correspondent
OMCs bear losses as India keeps fuel prices unchanged. Representational Image
Even as global fuel prices have surged due to escalating tensions in West Asia and the closure of the Strait of Hormuz, petrol and diesel prices in India have remained unchanged. While many countries have seen sharp increases this year, Indian consumers have not faced any hike so far, reported IANS.
Data compiled by Kotak shows a clear gap between India and other major economies, where fuel prices have risen significantly.
Diesel prices have seen steep increases across several countries in recent months due to geopolitical uncertainty.
The UAE recorded the highest jump of around 85 per cent, followed by Australia and the United States, where prices rose by over 65 per cent and 62 per cent, respectively. Countries like Canada, Pakistan, France, Sri Lanka, and Britain witnessed increases ranging from 35 per cent to 53 per cent.
Meanwhile, China and Brazil saw relatively smaller increases, and Russia stood out with a marginal rise of just over 1 per cent.
In contrast, diesel prices in India have remained steady at Rs 87.6 per litre, unchanged from January levels despite ongoing global tensions.
A similar trend has been observed in petrol prices. Pakistan recorded the highest increase of 44 per cent, followed by the United States at 42 per cent and the UAE at 36 per cent.
In Canada, Sri Lanka, and China, petrol prices rose by up to 34 per cent. Australia, Britain, and France saw more moderate increases, while Brazil and Russia reported relatively modest hikes of around 7 per cent and 1 per cent, respectively, reported the news agency.
In India, however, petrol prices have been held steady at Rs 94.7 per litre, showing no increase for consumers.
The government's policy measures and pricing strategies by public-sector oil marketing companies (OMCs) have seemed to help stabilise prices in India. These measures have helped shield consumers from the immediate impact of rising global crude oil prices.
Reports suggest that, for the first time since fuel price deregulation, state-run OMCs are paying refineries discounted rates for petrol, diesel, aviation turbine fuel (ATF) and kerosene. This move aims to limit losses caused by the continued freeze on retail fuel prices.
Despite stable prices for consumers, oil companies are under financial pressure. According to a report by Macquarie, at crude prices of USD 135-165 per barrel, "India's oil marketing companies incur losses of Rs 18 per litre on petrol and Rs 35 per litre on diesel," as per the news agency.
The report also noted that "every USD 10 per barrel increase in crude prices raises marketing losses by around Rs 6 per litre," highlighting the growing strain on these companies.
(With IANS Inputs)
