Fuel prices in India have once again been increased, with Oil Marketing Companies (OMCs) announcing fresh hikes on Saturday. Petrol prices have gone up by Rs 0.87 per litre, while diesel prices have increased by Rs 0.91 per litre. This latest revision adds further pressure on consumers already dealing with rising transport and living costs across the country.
Read more: Petrol, diesel prices hiked for third time in eight days on rising crude oil costs
Petrol and Diesel Prices in Major Indian Cities
Following the latest revision, fuel prices in major cities are:
- Delhi: Petrol Rs 99.51, Diesel Rs 92.49
- Kolkata: Petrol Rs 110.64, Diesel Rs 97.02
- Mumbai: Petrol Rs 108.49, Diesel Rs 95.02
- Chennai: Petrol Rs 105.31, Diesel Rs 96.98
Petrol Prices in Metro Cities (May 23, 2026)
| City | Price (Rs/litre) | Change |
|---|---|---|
| Delhi | Rs 99.51 | +0.87 |
| Kolkata | Rs 110.64 | +0.94 |
| Mumbai | Rs 108.49 | +0.90 |
| Chennai | Rs 105.31 | +0.82 |
Diesel Prices in Metro Cities (May 23, 2026)
| City | Price (Rs/litre) | Change |
|---|---|---|
| Delhi | Rs 92.49 | +0.91 |
| Kolkata | Rs 97.02 | +0.95 |
| Mumbai | Rs 95.02 | +0.94 |
| Chennai | Rs 96.98 | +0.87 |
CNG Prices in Delhi-NCR Hiked for Third Time in 10 Days
As per reports, Compressed Natural Gas (CNG) prices in Delhi-NCR have also been increased by Rs 1 per kg, marking the third hike in just 10 days.
Read more: CNG prices hiked for third time in 10 days, gets costlier by Rs 1 per kg
After the latest revision, CNG in Delhi now costs Rs 81.09 per kg, while in Noida and Ghaziabad the price has risen to Rs 89.70 per kg.
Earlier increases were implemented on May 15 (Rs 2 hike) and May 18 (Rs 1 hike), reflecting a sharp upward trend in recent weeks.
Multiple Fuel Price Hikes in May: Steady Rise in Petrol and Diesel Costs
This marks the third fuel price hike this month, and effectively the third increase within just over a week.
Earlier this week, petrol and diesel prices were raised by Rs 0.90 per litre, following another increase of Rs 3 per litre just days earlier. These frequent revisions highlight ongoing volatility in fuel pricing across India.
Oil Companies Report Heavy Losses on Fuel Sales
State-run oil marketing companies have reportedly been under financial pressure, with estimated monthly losses close to Rs 1,000 crore due to selling fuel below market-linked rates.
According to reports, Bharat Petroleum Corporation Limited (BPCL) is currently selling diesel at a loss of Rs 25–30 per litre and petrol at a loss of Rs 10–14 per litre.
In contrast, private fuel retailer Shell India is reportedly charging significantly higher prices, with petrol above Rs 115 per litre and diesel above Rs 126 per litre.
Government Assures Adequate Fuel Supply and Warns Against Panic Buying
The Ministry of Petroleum and Natural Gas has assured citizens that India has sufficient petrol and diesel stocks to meet demand.
In a public statement, the ministry urged people not to resort to panic buying and emphasised responsible consumption to ensure smooth fuel availability during the ongoing high-demand period.
Global Crude Oil Prices Driving the Surge
The rise in domestic fuel prices comes amid a sharp increase in international crude oil prices, driven by ongoing geopolitical tensions in the Middle East.
India imports nearly 85 percent of its crude oil requirements, making domestic fuel prices highly sensitive to global market fluctuations. Brent crude futures recently crossed $104 per barrel, while US West Texas Intermediate (WTI) also saw gains amid volatile trading conditions.
India’s Dependence on Imports Keeps Fuel Prices Sensitive
Over the past two years, India has benefited from discounted Russian crude, helping stabilise fuel prices. However, with global crude once again trading above the $100 per barrel mark, state-run oil companies have begun revising retail prices after a prolonged period of stability.
With global markets remaining uncertain, fuel prices in India are expected to stay highly sensitive to international developments in the coming weeks.
Inputs from agencies
