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Rising prices and the RBI rate hike

Petrol and diesel prices held as crude hits $115; state fuel retailers absorb losses

23 Sept 2026 · 3 outlets · 1 min read

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In 30 seconds
  1. No fuel price hike is planned yet, government sources said; nothing has been formally notified.
  2. Indian Oil, Bharat Petroleum and Hindustan Petroleum are selling diesel below cost.
  3. The government may have to support the companies if crude stays high, sources said.

Government sources said on 23 September 2026 there was no proposal yet to raise petrol and diesel prices, though the Indian crude basket, the average price India pays for imported crude, reached $115.27 a barrel on 22 September, Business Today reported. Pump prices have not changed since May, when they rose by a total of ₹7.35 a litre for petrol and ₹7.53 for diesel. Rating agency ICRA estimated in September that state-run retailers were losing about ₹5 a litre on petrol and ₹23 on diesel. The three companies reported a combined net loss of over ₹18,000 crore in April-June.

What it means for India

Drivers, transporters and farmers who use diesel are shielded from higher pump prices for now. The losses sit with state-run oil companies and could later fall on the government's budget.

Checked

Claim by claim

✓Verified

State-run fuel retailers are losing about ₹5 a litre on petrol and ₹23 a litre on diesel.

Said by ICRA

This is ICRA's estimate at September average prices, reported by The Indian Express and The Times of India. The companies did not confirm exact figures.

The Indian Express · The Times of India
?Unverified

There is no proposal to raise petrol and diesel prices.

Said by Unnamed government sources

Business Today attributes this to unnamed sources; it is not a formal notification and could change with crude prices.

Business Today
As it unfolded

Step by step

  1. Brent crude tops $100 a barrel after attacks in West Asia escalate.

  2. Indian crude basket reaches $115.27 a barrel.

Honest gaps

Not yet known

  • ?Whether and when pump prices will be raised, or how much support the government will give the oil companies.
Who reported this

Sources

Left-leaning · 1Centre · 2

3 outlets across the spectrum. Leanings are a rough guide to who reported it, not a verdict on accuracy.

  1. Business TodayNo petrol, diesel price hike proposal yet; govt may support OMCs if crude stays high
  2. The Indian ExpressOil again at $100, fuel retailers losing over Rs 20 on diesel, Rs 5 on petrol
  3. The Times of IndiaOMCs may be losing Rs 5/L on petrol, Rs 23 on diesel: ICRA

Spasht writes original summaries. Follow the links to read each outlet's own report. Revision 1.