Daijiworld Media Network - New Delhi

New Delhi, May 1: Petrol, diesel and LPG prices are likely to be increased soon as the government weighs a hike amid rising global crude oil prices due to escalating tensions in West Asia, top sources said.

Petrol and diesel prices may go up by around Rs 4–5 per litre, while domestic LPG cylinders could see an increase of about Rs 40–50. If implemented, this would be the first hike in petrol and diesel prices in nearly four years, with retail rates largely unchanged since 2022.

The possible revision comes as oil marketing companies face mounting pressure due to rising input costs. With global crude prices climbing, companies have been absorbing losses, leading to under-recoveries.

Sources said the surge in crude oil prices—driven by concerns over supply disruptions, shipping risks and prolonged instability in West Asia—has significantly increased the financial burden on both oil companies and the government.

Officials indicated that a decision on the proposed hike is likely within the next five to seven days, as the government continues to monitor the situation closely. Internal discussions are underway to determine the timing and extent of any increase.

The government is also weighing the inflationary impact of a price hike, as higher fuel and LPG costs could affect household budgets and transportation expenses.

While no final decision has been taken yet, the move is seen as an attempt to balance the financial stress on oil companies with the need to shield consumers from a sharp rise in prices.