Patna: Motorists in Bihar received a brief reprieve at the start of May as petrol and diesel prices remained unchanged despite continued volatility in global crude oil markets.
State-run oil marketing companies, including the Indian Oil Corporation (IOC), confirmed that retail fuel rates have been left steady across India. The decision comes even as international benchmark crude prices have risen sharply in recent weeks, driven in part by escalating tensions in the Middle East.
In Patna, petrol continues to retail at Rs 105.23 per litre, while diesel is priced at Rs 91.60 per litre. Premium petrol (X-100) remains significantly higher at Rs 160 per litre.
According to industry data, retail consumers account for nearly 90% of fuel consumption in India, making price stability a significant short-term relief for households and transport operators.
However, the underlying pressure on oil companies is mounting. Reports suggest that oil marketing firms are currently absorbing losses of around Rs 14 per litre on petrol and Rs 18 per litre on diesel due to the gap between retail prices and rising international crude costs.
In global markets, Brent crude has climbed to $111.70 per barrel, while US West Texas Intermediate (WTI) is trading at $105.64 per barrel. Analysts attribute the surge largely to renewed geopolitical instability in key oil-producing regions.
While the freeze in retail fuel prices has delayed immediate impact on consumers, energy economists warn that sustained increases in global crude could eventually force a revision in domestic rates. For now, the balance between consumer relief and industry strain continues to narrow, leaving future pricing dependent on international market movements and geopolitical developments.
