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Petrol-Diesel Prices Today (May 4): On Thursday, crude oil prices surged to a new annual high, climbing above $126 per barrel. This development raised expectations that fuel prices were likely to increase.

Petrol-Diesel Prices Today: Last Friday, the price of a 19-kilogram commercial LPG cylinder in the country was hiked by ₹993. This marks the steepest price increase recorded so far this year. This price hike occurred at a time when global crude oil prices—on Thursday morning—hit a four-year high, exceeding $126 per barrel. Consequently, people began speculating that fuel prices were imminent.

Over the past week, several fake notices circulated on social media, and opposition leaders also asserted that petrol and diesel prices would rise sharply following the conclusion of assembly elections in various states. However, despite the heavy losses incurred by oil marketing companies in recent weeks, fuel prices have remained stable since a reduction of ₹2 per liter was implemented in March of last year. Following a ₹60 hike in March, domestic LPG rates were also kept unchanged, and petrol and diesel prices remained unaltered as well.

Why Are Petrol and Diesel Prices Not Rising?

Meanwhile, speaking to *The Indian Express*, a senior government official stated, "It is bound to happen. It is merely a matter of time before prices (of petrol, diesel, and domestic LPG) go up." Yet, even nearly a week after the conclusion of assembly elections across India, the government has not yet implemented any such changes.

For the past four years, retail prices of petrol and diesel have remained largely unchanged, and the government has repeatedly clarified that there are no plans to increase prices. All of this is unfolding at a time when crude oil prices have surged by over 50 percent in the last two months due to the ongoing conflict in West Asia; furthermore, according to some recent estimates, daily losses have reached up to ₹2,400 crore.

State-run oil companies—Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation—have weathered several major geopolitical shifts and massive price volatility during this period. Shortly after Russia launched its invasion of Ukraine, crude oil prices had soared above the $100-per-barrel mark.

Although prices had subsequently eased to around $70 per barrel earlier this year, they breached the $126 mark on Thursday. The softening in global crude oil prices had significantly boosted the companies' revenue. In the financial year 2024 alone, the aggregate profit of these oil marketing companies (OMCs) reached a staggering ₹86,000 crore. This is likely a key factor enabling these oil companies to absorb their current losses.

Today's Petrol and Diesel Prices