Petrol, Diesel Prices Hiked By Nearly 90 Paise Per Litre, Second Time In A Week

Petrol, Diesel Price Hike: Fuel prices in the country have been hiked for the second time within a week amid the ongoing Iran war. Oil companies on Tuesday increased the prices of petrol and diesel by around 90 paise per litre. 

This comes just three days after the previous hike of Rs 3 per litre on Friday (May 15). Following the previous hike, petrol in Delhi went up from Rs 94.77 to Rs 97.77 per litre, while diesel rose from Rs 87.67 to Rs 90.67 per litre. 

Now, with Tuesday's revision, petrol in the national capital has become costlier by another 87 paise and is being sold at Rs 98.64 per litre. Diesel in Delhi has also increased by 91 paise and has reached Rs 91.58 per litre.

Petrol, Diesel Price In Your City

Apart from Delhi, other major metropolitan cities have also witnessed a rise in fuel prices. In Mumbai, petrol has gone up by 91 paise to Rs 107.59 per litre, while diesel has increased by 94 paise to Rs 94.08 per litre. In Kolkata, petrol saw the highest hike of 96 paise, reaching Rs 109.70 per litre, while diesel rose by 94 paise to Rs 96.07 per litre. In Chennai, petrol has become costlier by 82 paise, taking it to Rs 104.49 per litre, and diesel has increased by 86 paise to Rs 96.11 per litre.

Notably, the ongoing conflict in Iran has disturbed global oil supply. The earlier Rs 3 increase does not fully cover the losses of the oil marketing companies (OMCs). The companies had been selling fuel at old rates for nearly 10 weeks even as their costs kept rising. When their losses became unsustainable, the prices of petrol and diesel were raised last week. 

The hike in petrol and diesel rates has a direct impact on the price of all daily-use commodities. Small traders, people in transport business, people who rely on public transportation, and those who use their own transport daily will bear the direct impact of the hike.

As fuel becomes more expensive, the cost of buses, taxis, and transportation increases, which in turn may push up the prices of other essential goods as well. Experts say that if crude oil prices continue to rise in the international market, petrol and diesel could become even more expensive in the coming days, raising concerns about higher inflation.

Fuel Price Hike: Iran War Behind The Surge

The ongoing conflict in West Asia is disrupting the global supply of crude oil. As a result, prices in the international market remain volatile. Since India imports a large portion of its fuel requirements, any fluctuation in the global market directly impacts fuel prices in the country.

A decline in the value of the Indian currency is another factor driving the fuel price hike. As the rupee's value slides to 96 against the US dollar, India's import bill rises. With oil imports becoming more expensive, costs for oil marketing companies also increase. A portion of this additional cost has been passed on to the public. On Sunday (May 17), CNG prices were also hiked by a rupee per kilogram in Delhi-NCR. This was the second increase after last Friday's Rs 2 hike.

According to the latest report released on May 18 by the Petroleum Planning and Analysis Cell (PPAC) under the Petroleum Ministry, the outbreak of war in Middle East has pushed crude oil prices (Indian basket) sharply higher. The average price, which stood at $69.01 per barrel in February 2026, has surged to $110.73 per barrel as of May 15, 2026, amid 81 days of ongoing conflict.

This means that crude oil prices have risen by $41.72 per barrel compared to the February 2026 average -- an overall increase of 60.45 per cent. India imports over 85 per cent of its crude oil requirements and nearly 60 per cent of its LPG from the international market. Of this, around 40 per cent of crude oil and 90 per cent of LPG used to reach India via the Strait of Hormuz.

However, due to tensions between the United States and Iran, the movement of cargo ships through the Strait of Hormuz has been severely disrupted. As a result, India's overall expenditure on crude oil imports has increased by more than 60 per cent.