Petrol and diesel prices are raised again across the country on Monday, marking the fourth hike in less than two weeks, as State-run oil marketing companies continued passing on the impact of rising international crude oil prices to consumers.
State-owned fuel retailers raised petrol prices by ₹2.61/litre and diesel prices by ₹2.71/litre in Delhi. Following the latest revision, petrol prices in the national capital climbed to ₹102.12/litre from ₹99.51, while diesel prices increased to ₹95.20/litre from ₹92.49.
With Monday’s increase, cumulative hikes in petrol and diesel prices since 15th May have crossed ₹7.5/litre, intensifying concerns over inflation, transportation costs and pressure on household budgets.
The latest increase comes just two days after fuel prices were revised upward on Saturday, when petrol prices were raised by 87/ paise per litre and diesel prices by 91 paise. Earlier revisions on 15th May and 19 May 2026 had already pushed fuel rates significantly higher across major cities.
Industry officials said the continued upward revisions were linked to sustained pressure from global crude oil markets amid geopolitical tensions in West Asia, particularly around Iran and the Strait of Hormuz, a critical global oil transit route.
Benchmark Brent crude recently crossed the US$100/barrel mark, while India’s crude basket reportedly surged from around US$69/barrel in February to nearly US$113-US$114/barrel in recent months.
India imports close to 90% of its crude oil requirements, making domestic fuel prices highly vulnerable to fluctuations in international crude oil prices and currency movements.
Across metro cities, petrol prices have also risen sharply. Petrol in Kolkata is now retailing above ₹110/litre, while rates in Mumbai and Chennai have crossed ₹108 and ₹105/litre, respectively. Diesel prices in several metros are nearing or crossing ₹97 per litre.
The latest hikes are expected to have a cascading impact on transportation and logistics costs, potentially pushing up prices of essential goods and services. Analysts warned that continued increases in fuel rates could further fuel inflationary pressures across the economy.
Transport operators, businesses and daily commuters have already expressed concern over rising operational expenses following repeated fuel price revisions within a short span.
Meanwhile, the ministry of petroleum and natural gas (MoPNG) sought to reassure the public over fuel availability. In a statement, the ministry said petrol and diesel supplies remain stable across the country and urged citizens to avoid panic buying and unnecessary crowding at fuel stations.
The ministry added that any temporary pressure at select retail outlets was being addressed through continuous monitoring and coordinated supply distribution by oil marketing companies.
Officials maintained that the recent revisions were necessary to offset rising import costs and ensure stability of fuel supplies amid volatile global energy markets.
The three public-sector oil marketing companies — Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd — together control more than 90% of India’s fuel retail market and revise prices simultaneously.
Fuel prices had largely remained frozen since April 2022, except for a one-time reduction of ₹2/litre in March 2024. Oil companies had suspended regular daily revisions earlier to shield consumers from volatility in global crude markets following the Russia-Ukraine conflict.
Sector experts said oil marketing companies are still believed to be incurring under-recoveries of around ₹8-₹10/litre on petrol and diesel, despite the recent hikes. Analysts indicated that incremental increases may continue in the coming weeks if international crude prices remain elevated above US$100 per barrel.
According to industry estimates, meaningful relief in domestic fuel prices is unlikely unless global crude prices ease closer to the US$70/barrel range.
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