Overview
- State-run oil marketing companies implemented four retail hikes in mid‑to‑late May, lifting petrol above ₹100 per litre in several major cities.
- The Ministry of Petroleum said PSU OMCs continue to absorb about ₹550 crore in daily losses even after the recent rounds of increases.
- The Centre reported sharp retail demand spikes across districts and on May 29 urged states to form enforcement squads to stop bulk and industrial buyers from using retail pumps.
- Opposition leaders and state politicians are pressuring governments to cut VAT and surcharges while industry executives warn higher fuel will raise freight costs and could dent consumer and auto demand.
- In a contrasting move, Pakistan announced a Rs22 per litre cut in petrol and diesel on May 29 after global crude eased on ceasefire and negotiation signals.