India keeps fuel prices steady despite 50% global oil surge
Even with global oil prices shooting up by 50% after recent Middle East tensions, fuel costs in India have barely budged.
Gasoline and diesel prices have stayed the same for two years (₹94.77 and ₹87.67 per liter) while LPG was raised by ₹60 per cylinder in March and remains below actual cost, despite a small hike in March.
State-run oil firms lose 1,600cr daily
Keeping fuel affordable has come at a big cost for state-run oil companies, who are now losing over ₹1,600 crore every day, with total losses crossing ₹1 lakh crore.
The government has tried to help by cutting excise duties (which means less tax money coming in), but this fix isn't forever.
There's talk that a price hike might be on the horizon to keep these companies running strong and make sure future investments don't take a hit.