Business EconomyPosted at: May 13 2026 3:32PM


Fuel prices may increase if West Asia conflict drags on: RBI Governor

New Delhi, May 13 (UNI) The Reserve Bank of India (RBI) Governor Sanjay Malhotra said India may need to increase retail fuel prices if the conflict in the West Asia drags on.
“If this is to continue for longer period of time, it is just a matter of time before the government will pass on some of the price increases,” Malhotra said at a conference hosted by the Swiss National Bank and the International Monetary Fund in Switzerland.
Excise duties had been cut while state-run fuel retailers were absorbing the increase in crude prices as the conflict continues, he added.
His remarks came after Prime Minister Narendra Modi urged voluntary austerity, including cutting down on petrol and diesel use and putting off gold purchases.
“We are being more and more data dependent. We are taking it more meeting by meeting. The RBI is being flexible in its approach and is ready to look through the shock if it’s transitory, but if it is entrenched, we need to take action,” Malhotra said.
Recentyl, union Petroleum Minister Hardeep Singh Puri said India has enough crude and LPG in its stock.
"We have 60 days of crude, which is the max we need. We have 60 days of LNG and 45 days of LPG," the minister said while speaking at the CII Annual Business Summit 2026.
Minister Puri said oil marketing companies are losing Rs 1,000 crore per day, and these firms are making Rs 198,000 crore under recoveries and losses stood at Rs 1 lakh crore for this quarter.
"When this crisis began, there were some concerns, but we converted the challenge into an opportunity. We have ramped up our domestic production of LPG, which used to be 36,000 metric tons per day. We have now taken it up to 54,000 metric tons per day," he said. UNI VK SAS AAB
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