Petrol, diesel prices may be hiked by Rs 4-5 per litre, LPG by Rs 40-50: Sources

Petrol and diesel prices may increase by Rs four to five per litre, while domestic LPG cylinder prices could rise by Rs 40-50 per cylinder, according to government sources. The potential hike is attributed to the ongoing West Asia conflict, which has caused crude oil prices to surge, placing a fiscal strain on oil marketing companies. Crude oil is currently settling around 110 dollars, well above the 80-dollar mark that triggers financial pressure. Internal discussions are underway to evaluate options and minimise the impact on retail inflation. The timing of the anticipated increase has raised questions, as it follows the conclusion of recent elections. However, sources maintain the decision is driven by the prolonged geopolitical crisis and the severe losses faced by oil marketing companies, rather than political factors. The government is reportedly attempting to cushion consumers while addressing the economic realities of the global oil market.