Petrol, Diesel Prices On 13 May: What Fuel Costs In New Delhi, Mumbai, Kolkata, Bengaluru Today

(MENAFN- Live Mint) Petrol and diesel prices remained broadly unchanged across India on 13 May, even as concerns over energy security grew amid the West Asia crisis and as Prime Minister Narendra Modi urged citizens to conserve fuel and cut unnecessary consumption.

The government has not announced any nationwide revision in retail fuel prices so far, despite sustained pressure from elevated global crude oil prices driven by geopolitical tensions in the Middle East.

The PM's remarks urging reductions in fuel use and edible oil consumption, and the postponement of non-essential gold purchases, have fuelled speculation about possible demand-control measures, though no such steps have been confirmed.

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AI powered insights from this story

.5 QUESTIONS1Why have petrol and diesel prices remained unchanged in India despite global crude oil price surges?⌵

State-run oil marketing companies are absorbing daily losses of nearly ₹1,600 crore to ₹1,700 crore to shield consumers from sharp spikes in global fuel costs. This has led to cumulative losses exceeding ₹1 lakh crore over the past 10 weeks.

2What is India's current energy reserve situation amid the West Asia crisis?⌵

India has sufficient reserves with 60 days of crude oil and natural gas, and 45 days of LPG rolling stock. This reserve position is considered adequate to manage potential supply-side risks arising from the ongoing geopolitical situation.

3What steps is the government taking to manage fuel consumption?⌵

Prime Minister Narendra Modi has urged citizens to conserve fuel, reduce unnecessary consumption, postpone non-essential gold purchases, and reduce discretionary imports. The government is also reviewing energy preparedness and reiterating that India is not facing any shortage of petroleum products.

4How are oil companies being impacted by the current fuel price situation?⌵

State-owned oil marketing companies are incurring significant daily losses, estimated between ₹1,600 crore to ₹1,700 crore, to maintain stable retail fuel prices. These under-recoveries have reached record levels, causing mounting financial pressure.

5What measures are in place to ensure LPG supply continuity?⌵

The government is ensuring 100% supply to domestic LPG and CNG users, prioritizing commercial LPG for essential sectors like hospitals and educational institutions. Measures include increased refinery production, extended refill booking intervals, and encouraging the use of alternate fuels.

Also Read | Petrol, diesel prices on 12 May: Check prices in New Delhi, Mumbai, Kolkata

In response to the evolving situation, the government held a high-level review meeting and reiterated that India is not facing any shortage of petroleum products, adding that state-run oil marketing companies are absorbing substantial financial losses to shield consumers from global price volatility.

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Government Reviews Energy Preparedness

The fifth meeting of the Informal Group of Ministers (IGoM ) on West Asia was chaired by Defence Minister Rajnath Singh on Monday. The meeting brought together ministers from the petroleum, railways, civil aviation, fertilisers, ports and science ministries.

According to an official briefing cited in a Mint report, India currently has 60 days of crude oil and natural gas reserves, along with 45 days of LPG rolling stock. The government said the reserve position is sufficient to manage supply-side risks arising from the ongoing geopolitical situation.

Officials said there is“no reason for anxiety” and urged citizens not to rush to retail outlets. They further said that India's foreign exchange reserves remain comfortable at about $703 billion, offering an additional cushion against external energy shocks.

Also Read | Govt weighs LPG stock mandate as West Asia war hits supply Oil Companies Facing Mounting Financial Pressure

Even as retail fuel prices remain unchanged, the government acknowledged the growing economic burden created by high international crude oil prices.

According to a PTI report, state-owned oil marketing companies are currently absorbing losses of nearly ₹1,600 crore to ₹1,700 crore every day to protect consumers from a sharp spike in fuel costs.

Over the last 10 weeks since the escalation of conflict in the Middle East, cumulative losses suffered by these companies have reportedly crossed ₹1 lakh crore.

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