- By Aditya Jha
- Fri, 15 May 2026 11:34 AM (IST)
- Source:JND
Fuel Price Hike: The prices of petrol and diesel across the country were increased by Rs 3 on Friday amid the ongoing crisis in West Asia. The fuel prices were increased after four years due to the disruption in movement of ships through the Strait of Hormuz. The reports suggest that the centre may further increase the prices in the upcoming days if the war intensifies. However, the centre has assured that there is no shortage of fuel, advising the residents to avoid panic buying.
As per the reports, the oil companies have suffered significant financial loss in the past few months. Union Petroleum Minister Hardeep Singh Puri, while speaking at the CII Annual Business Summit 2026, stated that oil prices globally have witnessed a significant hike due to the war.
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"If you look at the fiscal situation, oil companies are losing Rs 1,000 crore every day. Under-recovery is expected to touch Rs 1,98,000 crore, while quarterly losses are nearly Rs 1 lakh crore. Oil prices that were earlier around USD 64 or 65 per barrel have now risen to USD 115," Puri stated.
Will Fuel Prices Further Increase?
While the prices were increased by Rs 3, the experts believe that it could be a part of a strategy. A sudden hike in the fuel prices could lead to panic among the residents, potentially leading to panic buying. However, as per Kotak Institutional Equities, the centre will need to hike the petrol and diesel prices by Rs 25-28 per litre to manage the situation.
The government is very careful while increasing the prices, as it will further lead to a hike in the prices of vegetables, milk, and other necessary entities due to a higher transportation cost. The centre has advised the citizens to maximise the use of public transportation and invest wisely.