India among countries with least increase in fuel prices: Government
What's the story
India has witnessed one of the smallest increases in retail petrol and diesel prices among major economies, despite a sharp rise in global crude oil rates due to the Iran war and Strait of Hormuz disruption. The government cited data from GlobalPetrolPrices.com and recent Oil Marketing Company (OMC) revisions to support its claim. The latest domestic hike was on May 23, when petrol prices in Delhi rose by ₹0.87 to ₹99.51 while diesel rates went up by ₹0.91 to ₹92.49.
Price comparison
Fuel prices skyrocketed in several countries
From February 23 to May 23, 2026, fuel prices skyrocketed in several countries, some even witnessing hikes of over 80%. In stark contrast, India maintained a cumulative revision of nearly 5% for both petrol and diesel after three price hikes in May. The country kept petrol and diesel prices largely unchanged for 76 days after the Strait of Hormuz closure on February 28, 2026.
Global impact
India recorded smallest material upward movement
The Indian revision of just under ₹5 a liter, or roughly 5% on a base of about ₹95, is the smallest material upward movement of any major economy outside the directly subsidizing Gulf producers. This is in stark contrast to countries like Myanmar (89.7%), Malaysia (56.3%), Pakistan (54.9%), the UAE (52.4%), and the US (44.5%), which have all seen steep hikes in both fuels.
Rate adjustments
First major upward revision since April 2022
The latest hike in domestic fuel prices came after OMCs revised rates on May 15, May 19, and May 23. The May 15 hike of ₹3 per liter was the first major upward revision since April 2022, when state-run retailers had hiked petrol and diesel prices by ₹10 per liter amid global crude volatility due to the Russia-Ukraine conflict.
City-wise prices
Fuel prices in Delhi, Mumbai, Chennai, Kolkata
Post the revisions, fuel prices in major Indian cities are as follows: In Delhi, petrol costs ₹99.51/liter and diesel costs ₹92.49/liter. Kolkata sees petrol at ₹110.64/liter and diesel at ₹97.02/liter. Mumbai has petrol priced at ₹108.49/liter and diesel at ₹95.02/liter. Chennai's rates stand slightly lower, with petrol costing ₹105.31/liter and diesel priced at around 96-97 per liter depending on state taxes applied to these fuels, respectively.