Prices of petrol and diesel remained stable across India on May 14, Thursday, amid concerns over the country's energy amid the ongoing conflict in West Asia and elevated global crude oil prices. The rise in fuel prices is expected to be announced anytime soon and the speculation has become more rife after Gujarat Cooperative Milk Marketing Federation, which sells products under Amul, raised prices by Rs 2 per litre across variants. Mother Dairy also announced a Rs 2 per litre increase in milk prices, effective Thursday. India has raised gold and silver import duty to 15% to curb the import bill and protect the rupee
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Moreover, India on Thursday banned the exports of raw and white sugar with immediate effect until September 30, 2026, or until further orders, to contain domestic prices and ensure adequate supplies in the local market. The move comes amid concerns that production may fail to meet domestic demand for the second consecutive year, as sugarcane yields continue to decline in major growing regions. Fears have also intensified over possible weather disruptions linked to El Niño, with experts warning that an erratic monsoon could further hurt output next season.
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Petrol, Diesel prices today
As of May 14, the petrol and diesel prices have remained stable in Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, and other cities. Despite the global uncertainty, petrol and diesel prices in Indian cities have remained broadly stable over recent weeks. The government has so far not increased retail petrol and diesel prices despite the conflict in West Asia that began on February 28.
The oil marketing companies (OMCs) are reportedly absorbing losses of nearly Rs 1,000 crore daily because global crude oil prices have risen sharply. Moreover, Prime Minister Narendra Modi has appealed to citizens to curb the fuel consumption by adopting measures such as work from home, online meetings, increased use of electric vehicles and even online classes for schools wherever possible. Here's a look of petrol and diesel prices across Indian cities on May 14:
| City | Petrol Price (₹/litre) | Diesel Price (₹/litre) |
|---|---|---|
| New Delhi | 94.77 | 87.67 |
| Mumbai | 103.54 | 90.08 |
| Kolkata | 105.41 | 91.76 |
| Bengaluru | 102.96 | 88.99 |
| Chennai | 100.84 | 92.43 |
| Hyderabad | 107.50 | 95.70 |
| Ahmedabad | 94.29 | 90.00 |
| Pune | 104.14 | 90.66 |
RBI Governor on fuel prices: Shock coming soon?
Reserve Bank Governor Sanjay Malhotra has said the government may eventually have to raise petrol and diesel prices if the ongoing Middle East crisis continues for a prolonged period, PTI reported on Wednesday. Speaking at a conference in Switzerland, Sanjay Malhotra said the disruption in oil and gas supplies due to the conflict and blockade of the Strait of Hormuz has begun impacting India, which remains heavily dependent on energy and fertiliser imports.
Referring to the crisis, the RBI governor said if it continues for a longer duration, it is a “matter of time that the government will actually pass on some of these price increases”.
Due to the prolonged Middle East conflict and disruptions around the Strait of Hormuz, the global crude oil prices have shot up. But so far, India has avoided significant increase in the petrol and diesel prices. Instead, the OMCs are absorbing the pressure.
The Centre has repeatedly asserted that there is no fuel shortage in the country and no plan to introduce rationing of petrol, diesel or LPG. “There is no need to panic. There are sufficient supplies. There is no rationing in place. It's not going to happen,” Oil Secretary Neeraj Mittal said recently at the CII Annual Business Summit. Officials said India currently maintains around 60 days of fuel stocks and nearly 45 days of LPG inventories despite continuing volatility in global energy markets.
