Petrol, Diesel, and LPG Cylinder Prices as of May 11: City-Wise Rate Updates Amid Speculation on Potential Price Increases

Global Oil Prices Surge to $104-Per-Barrel Mark, Fueling Speculation of Fuel Price Hike in India

Global crude prices reached a new high of $104 per barrel on Monday, following US President Donald Trump's response to Iran's latest proposal. As a result, chatter around a possible fuel price hike in India is growing louder. Despite the Centre's repeated assurances that there is no 'impending' revision in petrol and diesel rates, Prime Minister Narendra Modi's speech in Hyderabad on Sunday has once again fueled speculation.

India's growing concerns over its oil import bill and foreign exchange reserves are a major factor in the current uncertainty. To mitigate these concerns, Prime Minister Modi has urged households to cut back on edible oil consumption and defer non-essential gold purchases over the next year. Given India's heavy reliance on imports of both edible oils and gold, even a modest shift in consumer spending patterns could help ease pressure on the country's current account balance.

City-Wise Petrol and Diesel Prices in India

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Addressing an event in Hyderabad, Prime Minister Narendra Modi emphasized the need to curb petrol and diesel consumption. He urged citizens to use public transport, opt for car-pooling, and shift freight movement to railways. Additionally, he pushed for faster adoption of electric vehicles and called for the revival of pandemic-era efficiency measures, including work-from-home, virtual meetings, and online conferences, in the national interest.