New Delhi, May 8 -- Petrol and diesel prices remained stable on Friday, unaffected by the global energy crisis, as the government cushioned domestic consumers against price pressures. The disruption to the energy supply chain has triggered a steep rise in fuel prices worldwide.

Oil jumped on Friday following renewed clashes between US and Iranian forces, jeopardising the outlook for a deal to end the 10-week war. Brent rose as much as 2.9% toward $103 a barrel before paring gains.

A rise in petrol and diesel prices cannot be ruled out in the near term, according to PTI, citing government sources, as losses continue to grow due to a four-year cap on retail rates amid a steep rise in global crude oil prices.

However, Indian Oil Corporati...