Petrol, diesel prices likely to rise by next week, LPG cylinders by Rs 40; Govt to make final decision

NEW DELHI: Petrol and diesel prices are likely to be increased in the country before May 15, a report in national media channel India Today TV said. Along with petrol and diesel, the price of cooking gas used in homes may also be increased. Petrol and diesel prices may increase by Rs 4-5 per litre. The report also says that the price of domestic LPG cylinders may increase by Rs 40-50. Earlier reports suggested that the oil price increase would be imminent, as the assembly elections in states, including Kerala, were over.

India is also preparing to increase prices in the wake of the global surge in crude oil prices following the Iran war. The country's oil companies are currently incurring a financial loss of about Rs 30,000 crore per month after they refrained from increasing petrol and diesel prices despite the rise in crude prices. The companies have informed the central government that they cannot sustain this trend. The report also states that the centre's decision will be made after taking this into account.

The country has recently seen a huge hike in the price of commercial cylinders. This has led to a significant increase in the cost of hotel food. With prices of petrol and diesel set to be hiked, it is expected that the cost of essentials will also increase in the country.