Petrol, diesel prices on 12 May: What fuel costs in New Delhi, Mumbai, Kolkata, Bengaluru today

Petrol and diesel prices remained largely steady across India on 12 May as concerns around the country’s energy security intensified following repeated appeals by Prime Minister Narendra Modi urging citizens to reduce fuel consumption and conserve resources amid the ongoing West Asia crisis.

The Centre has not announced any nationwide revision in retail fuel prices so far, even as global crude oil prices continue to remain elevated due to geopolitical tensions in the Middle East.

The situation has sparked speculation over possible fuel rationing measures after the Prime Minister recently urged citizens to cut down on unnecessary fuel usage, reduce edible oil consumption and postpone non-essential gold purchases for the next year.

A day after the Prime Minister’s remarks, the government held a high-level review meeting on the evolving West Asia situation and reiterated that India is not facing any shortage of petroleum products.

At the same time, the government acknowledged that state-run oil marketing companies (OMCs) are absorbing heavy financial losses to shield consumers from a sharp rise in global oil prices.

Here are the latest petrol prices across major Indian cities:

Government Reviews Energy Preparedness

The fifth meeting of the Informal Group of Ministers (IGoM) on West Asia was chaired by Defence Minister Rajnath Singh on Monday.

The meeting was attended by ministers from the petroleum, railways, civil aviation, fertilisers, ports and science ministries.

According to the government’s official briefing, India currently has 60 days of crude oil and natural gas reserves, along with 45 days of LPG rolling stock. The government described the reserve position as sufficient to handle current supply-side risks arising from the geopolitical situation.

“There is no reason for anxiety, and no reason for citizens to rush to retail outlets,” the government said in its statement.

Officials also informed ministers that India’s foreign exchange reserves remain comfortable at $703 billion, providing an additional cushion against external energy-related shocks.

Here are the latest diesel prices on 12 May:

Oil Companies Facing Mounting Financial Pressure

Even as retail fuel prices remain unchanged, the government acknowledged the growing economic burden created by high international crude oil prices.

According to a PTI report, state-owned oil marketing companies are currently absorbing losses of nearly ₹1,600 crore to ₹1,700 crore every day to protect consumers from a sharp spike in fuel costs.

Over the last 10 weeks since the escalation of conflict in the Middle East, cumulative losses suffered by these companies have reportedly crossed ₹1 lakh crore.

The report said the mounting pressure has raised concerns over how long oil companies can continue to absorb such losses without financial strain.

Despite a nearly 50% rise in crude oil input costs globally, public sector oil companies including Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited have continued supplying petrol, diesel and LPG without major retail price revisions.

According to PTI sources, the combined under-recoveries of these companies — the gap between production cost and retail selling price — have now touched record levels.

Despite soaring crude prices, petrol and diesel continue to be sold at nearly the same rates prevailing over the last two years, with petrol in Delhi priced at ₹94.77 per litre and diesel at ₹87.67 per litre.