Petrol, diesel prices on 3 May — How much does fuel refill cost in Delhi, Mumbai, Kolkata, Bengaluru today
India's Chief Economic Advisor V Anantha Nageswaran warned of a potential inflation spike due to the surge in crude oil prices following the West Asia conflict. The government is balancing the burden of higher energy costs between fiscal policy, inflation, households, and oil marketing companies.
Crude oil prices have surged to above $120 per barrel since the war broke out in West Asia on 28 February. India's Chief Economic Advisor V Anantha Nageswaran identified four channels through which the conflict is affecting India: price and supply shock, trade disruption, sticky logistics costs, and remittance shock. The government is partially passing through higher energy costs via commercial LPG pricing and export duties on diesel and ATF, while cutting excise duties on petrol and diesel. State-run fuel retailers are facing losses due to unchanged retail prices despite rising international oil rates. Petrol and diesel prices in major Indian cities are listed, with prices remaining largely unchanged. Union Minister Hardeep Singh Puri said India has expanded its crude oil sourcing base to 41 countries to strengthen energy security.
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