Petrol-Diesel Price Today on May 4: Crude oil prices on Thursday hit their highest level in a year, exceeding $126 per barrel. This was expected to increase fuel prices.

Petrol-Diesel Price Today: Last Friday, the price of a 19-kilogram container of commercial LPG was increased by ₹993. This is the highest price hike so far this year. This price increase comes at a time when global crude oil prices reached a four-year high of over $126 per barrel on Thursday morning. This led people to speculate that fuel prices would soon rise.

Several fake notices circulated on social media last week, with opposition leaders insisting that petrol and diesel prices would rise sharply after assembly elections in several states. However, despite oil marketing companies incurring significant losses in recent weeks, fuel prices have remained stable since a ₹2 per liter reduction in March last year. Domestic LPG rates were also kept unchanged, and petrol and diesel prices remained unchanged after a ₹60 increase in March. 

Why are petrol and diesel prices not increasing? 

Meanwhile, speaking to the Indian Express, a senior government official said, "It's bound to happen. It's just a matter of time before prices (of petrol, diesel, and domestic LPG) increase." But the government has yet to implement any such changes, even nearly a week after assembly elections across India ended.

Retail prices of petrol and diesel have remained roughly the same for the past four years, and the government has repeatedly clarified that it has no plans to increase prices. This comes at a time when the ongoing conflict in West Asia has caused crude oil prices to rise by more than 50% in the past two months, with some recent estimates suggesting daily losses of up to ₹2,400 crore.

State-owned oil companies—Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation—have weathered several major geopolitical changes and steep price fluctuations during this period. Crude oil prices surged above $100 per barrel shortly after Russia launched its invasion of Ukraine.

Although they had fallen to around $70 per barrel earlier this year, they surpassed $126 on Thursday. The softening of global crude oil prices has significantly boosted companies' revenues. In fiscal year 2024 alone, the total profits of oil companies (OMCs) reached a staggering ₹86,000 crore. This is likely a key reason why oil companies are able to withstand the current losses.

Petrol-diesel price today 

City  Petrol Price (per litre) Diesel Price (per litre)

Delhi Rs 94.77 Rs 87.67

Mumbai Rs 103.54 Rs 90.03

Kolkata Rs 105.45 Rs 92.02

Chennai Rs 100.80 Rs 92.39

Bengaluru Rs 102.92 Rs 90.99

Bhubaneswar Rs 101.10 Rs 92.69

Chandigarh  Rs 94.30 Rs 82.45

Dehradun  93.17 rupees Rs 88.01

Fatehabad  Rs 97.09 Rs 89.56