Global oil shock: Petrol and diesel prices up by Rs 3 per litre, CNG gets costlier by Rs 2

Petrol and diesel prices were increased by more than Rs 3 per litre across the country on Friday as staterun oil marketing companies OMCs struggled with rising losses amid the ongoing crisis in West Asia and a sharp surge in global crude oil prices reported IANSThe revised fuel prices came into effect immediately In Delhi petrol prices rose by Rs 314 per litre taking the retail rate to Rs 9777 per litre Diesel prices were also raised by Rs 311 per litre reported IANSThe latest hike marks one of the sharpest increases in retail fuel prices in recent months and comes as crude oil prices continue to remain above the USD 100 per barrel mark due to fears of prolonged supply disruptions linked to tensions involving Iran and the United StatesCNG prices also revised upward amid energy market pressureApart from petrol and diesel compressed natural gas CNG prices were also increased Oil companies raised CNG rates by Rs 2 per kilogram with effect from Friday reported IANSFollowing the revision the price of CNG in Delhi now stands at Rs 7909 per kilogramThe increase in CNG prices is expected to impact public transport operators commercial vehicle owners and daily commuters who rely on gaspowered vehicles as a more affordable fuel alternative reported IANSOil companies facing mounting losses due to rising crude pricesAccording to officials in the Petroleum Ministry OMCs have been under severe financial pressure because retail fuel prices had remained largely unchanged despite the sharp rise in global crude oil rates reported IANSSujata Sharma Joint Secretary in the Union Petroleum Ministry said the combined underrecovery on petrol diesel and LPG has reached nearly Rs 30000 crore every month reported IANSShe said staterun fuel retailers were purchasing crude oil at significantly higher rates but were unable to fully pass on the burden to consumers resulting in widening financial losses reported IANSSharma also noted that the Centre had earlier reduced excise duties on petrol and diesel leading to an estimated monthly revenue sacrifice of nearly Rs 14000 crore Despite the tax cuts underrecoveries for oil companies have continued to rise reported IANSPetroleum Minister warns of massive losses for staterun retailersPetroleum Minister Hardeep Singh Puri recently warned that Indiarsquos major oil marketing companies could see their entire FY26 profits wiped out if crude oil prices remain elevated for an extended period reported IANSSpeaking during the CII Annual Business Summit 2026 earlier this week the minister said the ongoing Middle East crisis has significantly increased pressure on fuel retailers with oil companies currently losing close to Rs 1000 crore every day reported IANSHe estimated that combined quarterly losses for the sector could touch nearly Rs 1 lakh crore if current market conditions continueIndustry estimates point to steep quarterly lossesIndustry estimates cited during the summit suggested that the countryrsquos three major public sector fuel retailers Indian Oil Corporation Bharat Petroleum and Hindustan Petroleum could report combined losses of nearly Rs 12 lakh crore in the first quarter of FY27 aloneThe sustained rise in crude oil prices has raised concerns over inflationary pressure in the broader economy with higher transportation and fuel costs expected to impact household expenses as well as industrial operations in the coming monthsWith inputs from IANS