Petrol, Diesel, LPG Prices Unchanged Ahead of Key Cabinet Meeting
Fuel Prices Remain Under Close Watch as Government Hints at Possible Hike
The Centre's decision to hike the import duty on gold has left petrol and diesel prices in focus, despite no significant changes as of May 13. The government has indicated that a price hike remains a possibility, causing uncertainty over fuel prices that could directly impact households and businesses across India.
Hardeep Singh Puri Addresses CII Summit in New Delhi
At the CII Summit in New Delhi on Tuesday, Hardeep Singh Puri spoke about the mounting losses being faced by oil marketing companies amid rising crude oil volatility. While ruling out fears of a lockdown, he also stated that prices may increase. This has led to concerns over the potential impact on the economy.
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
Latest Commodity Rates on May 13, 2026
| City | Petrol Rate (per liter) | Diesel Rate (per liter) |
|---|---|---|
| Mumbai | ||
| Delhi | ||
| Kolkata | ||
| Chennai |
Fuel prices are revised daily by oil marketing companies (OMCs) at 6 AM, in line with fluctuations in global crude oil benchmarks and foreign exchange rates. The prices of petrol and diesel continue to remain under close watch, with LPG supply and pricing emerging as a key area of focus.
LPG Supply and Pricing
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
The Ministry of Petroleum and Natural Gas rolled out a significant overhaul of India's cooking gas framework on May 1, introducing new rules for liquefied petroleum gas (LPG) consumers. The city-wise list of LPG cylinder rates today is as follows:
| City | 14 KG LPG Cylinder Rate | 19 KG LPG Cylinder Rate |
|---|---|---|
| Mumbai | ||
| Delhi | ||
| Kolkata | ||
| Chennai |
Centre Revises Customs Duty Rates on Gold, Silver, and Other Precious Metals
The Centre revised customs duty rates on multiple categories linked to imports of gold, silver, and other precious metals through a notification issued by the Ministry of Finance on Wednesday. The revised duty structure has increased import taxes on gold, silver, platinum, jewellery findings, and other precious metal-linked industrial imports, making overseas purchases significantly more expensive.
| Category | Old Import Tax | New Import Tax |
|---|---|---|
| Gold | 6% | 15% (10% basic customs duty + 5% Agriculture Infrastructure and Development Cess) |
| Silver | 6% | 15% (10% basic customs duty + 5% Agriculture Infrastructure and Development Cess) |
| Platinum | 6% | 15% (10% basic customs duty + 5% Agriculture Infrastructure and Development Cess) |
The new rates will come into effect from May 13, 2026, and are aimed at curbing precious metal imports and easing pressure on India's foreign exchange reserves. The current rates of 24 carat gold, 22 carat gold, and 18 carat gold in India today are as follows:
| Type of Gold | Rate (per 10 grams) |
|---|---|
| 24 Carat Gold | |
| 22 Carat Gold | |
| 18 Carat Gold |
Investor Takeaway
Fuel prices may increase ahead of a key cabinet meeting.
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