Petrol, Diesel Prices On 14 May: What Fuel Costs In New Delhi, Mumbai, Kolkata, Bengaluru Today

(MENAFN- Live Mint) Petrol and diesel prices remained largely unchanged across India on 14 May, even as concerns over the country's energy security intensified amid the continuing conflict in West Asia and elevated global crude oil prices.

State-run oil marketing companies (OMCs ) maintained retail fuel prices in major cities, offering temporary relief to consumers despite sustained volatility in international energy markets triggered by geopolitical tensions in the Middle East.

The situation has drawn greater attention after Prime Minister Narendra Modi, in recent public remarks, urged citizens to conserve fuel, reduce unnecessary consumption and avoid wastage. The PM also advised people to cut edible oil consumption and postpone non-essential gold purchases, comments that have fuelled speculation over possible demand-management measures if the crisis worsens.

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However, the government has not announced any fuel rationing or consumption-control measures so far. Officials have also not indicated any immediate plans for a nationwide revision in retail fuel prices despite rising pressure from global crude markets.

India imports more than 85% of its crude oil requirements, making the country particularly vulnerable to disruptions in global supply chains and spikes in international oil prices. Concerns have also emerged around shipping routes in the region, especially the Strait of Hormuz, a critical transit corridor for global crude supplies.

Global crude prices remain elevated

Global benchmark Brent crude prices have remained elevated in recent sessions due to fears that the conflict in West Asia could disrupt energy exports from the region. Reuters reported that a prolonged escalation could increase import costs for India and place additional pressure on domestic fuel retailers.

Despite the global uncertainty, petrol and diesel prices in Indian cities have remained broadly stable over recent weeks. Fuel rates vary across states depending on local taxes and levies, but there has been no major nationwide price revision by OMCs.

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According to a PTI report, state-run oil marketing companies may be absorbing part of the pricing pressure to shield consumers from sharp increases in retail fuel prices. Rising crude oil prices typically affect the profitability of state-run fuel retailers when pump prices are not revised in line with global rates.

The developments have also renewed focus on India's energy security strategy and efforts to reduce dependence on imported crude oil. The government has, in recent years, pushed for greater adoption of ethanol blending, electric mobility and alternative fuels as part of broader energy diversification plans.

Meanwhile, the ongoing conflict in West Asia has kept global energy markets volatile, with fears that any further escalation could disrupt crude oil supplies and increase pressure on fuel prices worldwide, including in India.

For now, retail fuel prices remain steady, but concerns over supply risks, import costs and global crude movements continue to keep the energy sector on edge.

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