# Crude tops $115, but no petrol-diesel price hike yet 2026-09-23T11:41:45+00:00 | Governance | Indian Opinion Desk Corroboration: 1 independent outlet The government has decided against raising petrol and diesel prices despite the Indian crude basket crossing $115 per barrel. Official sources said there is no proposal to increase fuel prices at present. The government is focused on energy security, uninterrupted supply and stable domestic prices. India imports most of its crude oil needs, and international price movements directly impact its import bill and oil marketing companies' costs. The Indian crude basket touched $115.27 per barrel on September 22, with the September average around $114.83. State-run oil companies are estimated to be losing about Rs 5 per litre on petrol and Rs 23 per litre on diesel at current prices. Sources said crude prices may remain volatile due to US midterm elections in November and global tensions. The government is exploring diplomatic channels to secure supply routes like the Strait of Hormuz and diversifying import sources from Iraq and Saudi Arabia. If high crude prices persist, the government may consider financial support for oil companies rather than passing on the burden to consumers. ## Indian Opinion Analysis India's decision to hold fuel prices despite crude above $115 signals a political calculation ahead of elections, but it leaves state-run oil firms bleeding. Under the current deregulation framework, oil marketing companies are supposed to revise rates daily based on a 15-day rolling average of international prices, but the government has effectively suspended that mechanism since April 2022. The accumulated under-recoveries on diesel alone could exceed Rs 1 lakh crore if crude stays above $110 for the rest of the financial year. The government has two options: issue bonds to compensate oil companies, which would push the fiscal burden forward, or cut excise duty further, which would shrink revenue. The next trigger to watch is the monthly petroleum planning data: if the average crude for October stays above $110, the pressure to act will become unavoidable. ## Coverage - bazaar.businesstoday.in Tags: crude oil, diesel, Indian crude basket, oil marketing companies, petrol Canonical: https://indianopinion.org/crude-tops-115-but-no-petrol-diesel-price-hike-yet/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/crude-tops-115-but-no-petrol-diesel-price-hike-yet/#story-in-brief