Goa, May 8 -- Petrol and diesel prices in India are expected to increase before May 15 as oil marketing companies continue to face heavy financial pressure due to rising global crude oil prices. According to sources, public sector oil firms are currently suffering under-recoveries of nearly 30,000 crore every month because retail fuel prices have remained largely unchanged despite sharp increases in international crude rates.

The crisis intensified after crude oil prices surged from nearly USD 70 per barrel to around USD 126 per barrel amid the ongoing conflict in the Middle East. Supply disruptions and instability in the Strait of Hormuz, a key global oil transit route, have further added to global energy concerns.

Sources said the gov...