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Petrol, diesel prices hiked again: Fuel rates rise nearly ₹4/litre in 5 days
The latest revision follows an increase of ₹3 per litre each in both fuels last week.
State-run oil marketing companies on Tuesday raised petrol and diesel prices by nearly Re 1 per litre across major cities, marking the second increase in less than a week and taking the cumulative hike since May 15 to just under ₹4 per litre amid surging global crude oil prices linked to the conflict in West Asia.
The fresh hike resulted in petrol and diesel prices rising between 82 paise and 96 paise per litre across metros because of variations in local taxes and levies.
City-wise rates
The revision pushed petrol prices in Delhi up by 87 paise to ₹98.64 per litre, while diesel rates rose by 91 paise to ₹91.58 per litre. Petrol is now priced at ₹109.70 per litre in Kolkata after an increase of 96 paise. In Mumbai, petrol now costs ₹107.59 per litre, up by 91 paise, while in Chennai it rose by 82 paise to ₹104.49 per litre.
Diesel prices also increased sharply across metros. It is now being sold at ₹96.07 per litre in Kolkata, ₹94.08 per litre in Mumbai and ₹96.11 per litre in Chennai, with increases of 94 paise, 94 paise and 86 paise per litre respectively.
Companies that raised prices
The three state-run oil marketing companies — Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited — which together control over 90 per cent of the domestic fuel retail market, revised prices simultaneously.
The increase comes four days after petrol and diesel prices were raised by ₹3 per litre each from Friday, when the companies cited daily revenue losses of nearly ₹1,000 crore on the sale of auto fuels and cooking gas. Following the earlier increase, combined losses of the three OMCs reportedly declined to around ₹750 crore by Monday.
According to industry executives and sector experts, despite the latest increase, the three OMCs are still incurring losses of ₹9-12 per litre on petrol and diesel sales. They expect another round of fuel price hikes if international crude prices remain elevated.
Global energy prices
Rising global energy prices triggered by the war in West Asia and disruptions to transit routes through the Strait of Hormuz have emerged as a major concern for India, which imports more than 88 per cent of the crude oil it processes and pays for in dollars.
Benchmark Brent crude prices surged nearly 54 per cent to $112.10 a barrel on Tuesday from $72.87 before the conflict in West Asia began on February 28. Prices had briefly touched nearly $120 a barrel on March 9 before easing marginally.
Meanwhile, the rupee has weakened nearly 6 per cent against the dollar since the beginning of the year, with the current exchange rate at ₹96.34 per US dollar.
According to a Bloomberg report, Bank of America commodities and derivatives research chief Francisco Blanch said his best-case scenario projects Brent crude averaging $90 a barrel for the remainder of the year, though prices could rise further if tensions involving Iran continue or intensify.
India’s average crude oil purchase price, commonly referred to as the Indian basket, stood at $70.99 a barrel in 2025-26 before rising sharply after the outbreak of the conflict.
Government data showed that the Indian basket averaged $63.08 a barrel in January 2026, increasing to $69.01 in February, $113.49 in March — the first full month of the conflict — and $114.48 a barrel in April. The price has eased slightly in May and stood at $106.69 a barrel as of May 18.
