If approved, this would mark the first increase in petrol and diesel prices in nearly four years in India. The proposed hike of around Rs 4–5 per litre comes as oil marketing companies face significant losses due to stagnant retail rates. The situation arises from rising global crude oil prices, driven largely by the ongoing conflict in West Asia. State-owned fuel retailers have been absorbing losses of about Rs 20 per litre on petrol and roughly Rs 100 per litre on diesel. This has led to mounting pressure on these companies, who have kept retail prices unchanged since 2022. Key facts: Petrol and diesel prices may increase by Rs 4–5 per litre. Domestic LPG cylinders could see a hike of about Rs 40–50. The government is expected to decide on the price hike within the next 5–7 days. The Ministry of Petroleum and Natural Gas stated that retail pump prices have been kept unchanged despite fluctuations in global markets. Government sources emphasize that they are closely monitoring the evolving situation in West Asia and its impact on global energy markets. Yet, uncertainties remain. No final decision has been announced regarding the price hike, leaving consumers anxious about potential increases in fuel costs. As inflation concerns grow, many wonder how these changes will affect their daily lives. Post navigation What Does the Indian Reserve Bank’s CBDC-Based Digital Food Coupon Pilot Mean? Commercial lpg gas cylinder price: What is the impact of the hike?