This is the third reduction in rates this month
A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent.
Despite international crude oil rates crossing USD 100 per barrel due to Middle East tensions, the Indian government plans to maintain current petrol and diesel prices, ensuring uninterrupted fuel supply across the country.
Petrol price has been cut by Rs 3.05 a litre.
It remains to be seen if the government will concede to the demand of oil companies just before the winter session of Parliament.
The government on Monday decided to hike petrol price by Rs 4 a litre and diesel by Rs 2 per litre
Fuel being a scarce resource hike in petrol and diesel is a given. But smart stock market investors can still benefit from these regular price hikes.
Petrol price will be cheaper by 49 paise/litre and diesel by Rs 1.21.
With the assembly polls in major states concluding, the government may slash petrol price next week by Rs 10 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 20 per cylinder in line with fall in global oil prices.
The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
Petrol price has been cut by Rs 2.46 a litre with effect from midnight tonight.
Petrol prices may be cut by Rs 2 a litre from on Wednesday as global oil rates have softened and the rupee has stabilised against the US dollar.
'Unfortunately, today most ministers are busy with either election duty or praising duty. They are not interested in serving duty.' 'Ministers have become relaxed like retired people still holding onto jobs.' 'Look at how the NEET paper leaked. But there is no accountability.' 'After 12 years, they have become saturated. They are short of ideas.'
Responding to concerns raised by Leader of the Opposition Rahul Gandhi in the Lok Sabha, Petroleum Minister Hardeep Puri said it is the foremost priority of the government that the kitchens of over 33 crore families, especially the poor and the underprivileged, do not face any shortage of gas.
Senior Trinamool Congress leader Abhishek Banerjee has accused the BJP-led central government of planning to increase fuel prices after the West Bengal assembly elections. He challenged the BJP to promise no price hikes for LPG, petrol, and diesel over the next five years.
The Delhi government has approved an ambitious electric vehicle policy that eliminates registration fees and road taxes for EVs priced up to Rs 30 lakh, offers a Rs 1 lakh incentive for purchasing new EVs while scrapping old vehicles, and mandates that only electric two-wheelers can be registered starting April 2028.
Petrol price had been cut 10 times since August 2014.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
A party MP speaking on the condition of anonymity said that such steep hikes will be damaging for the party and that a number of MPs particularly those from Lok Sabha are "unhappy" with it as they will have a tough time in their constituencies explaining the move.
With the Goa government proposing a reduction in petrol prices by Rs 11, Minister of State for Parliamentary Affairs Rajiv Shukla on Wednesday said the other states especially the BJP ruled ones should emulate the step to ease the burden on the common man.
Tata Motors' 2026 Tiago facelift is a tech-loaded and safety-focused entry-level hatchback, with prices starting at Rs 4.69 lakh.
Flex fuel motorcycles can deliver "3 per cent higher torque and 7 per cent higher peak power".
Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh, director, Delhi School of Economics.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
State-owned oil firms have decided to "wait-and-watch" the international scenario and the rupee-dollar rate before deciding to cut petrol prices.
'PM Modi is trying to reduce the volume of fuel consumed instead of raising prices sharply.'
Petrol and diesel prices will go by Rs 2.50 and Rs 2 per litre respectively.
Opposing the steep hike in petrol prices and spiralling prices of commodities, National Democratic Alliance has called for a nation-wide bandh on May 31.
State-run Indian Oil Corporation, the country's largest oil refining and marketing firm, today sought a Rs 5.18 per litre hike in the price of diesel and Rs 4.59 per litre increase in petrol prices mainly due to the surge in global crude oil prices.
Oil firms had last revised petrol prices on December 1.
Prices of crude oil are rising in international market and that India has to import 80 per cent of its crude oil consumption.
A litre of diesel will cost Rs 48.01 compared to Rs 49.31 at present
Banerjee, the chief of Trinamool Congress, the second major partner of UPA government, however, said her party would not topple the government.
S&P Global Ratings projects India's economic growth to slow to 6.6 per cent in FY27, down from 7.7 per cent in FY26, citing energy stress and a potential sub-par monsoon.
Congress leader Rahul Gandhi criticised Prime Minister Narendra Modi for gifting 'Melody' toffees to Italian Premier Giorgia Meloni, calling it a 'gimmick' while India faces an 'economic storm'. He accused Modi of prioritising public relations over addressing the struggles of farmers, labourers, and youth, a sentiment echoed by other Congress leaders.
The hike in prices of petrol and diesel seems to have been put on the backburner with the price of the basket of crude oil that Indian refiners
The Indian government is set to accelerate reforms, including measures to enhance foreign direct investment, speed up divestment, and boost asset monetisation, to maintain economic growth despite rising fuel and fertiliser import costs driven by the West Asia crisis.
New prices are effective tonight.
S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
On June 2, petrol was brought down by Rs 2.02 to Rs 71.16 a litre in the capital.
