India's state-run oil companies have raised fuel prices for the fourth time in two weeks. Petrol has gone up by Rs 2.61 per litre and diesel by Rs 2.71, the latest in a series of revisions as oil marketing companies work to recover losses that had been building for months, even as global crude crossed $100 per barrel.

The primary driver is the ongoing US-Iran conflict and the closure of the Strait of Hormuz, which has kept global energy markets volatile and crude prices elevated.

In New Delhi, petrol now costs Rs 102.12 per litre and diesel Rs 95.20 per litre following the latest increase.

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Why the freeze had to end

Sushma Rawat, ONGC Director (Exploration), explained the dynamic that has made price revisions unavoidable. "Whenever there is an announcement of a peace accord, crude prices begin to fall. But when it becomes clear that there is no immediate resolution, prices rise again," she told ANI.

She acknowledged that the government had absorbed the impact of rising global prices for an extended period before passing it on to consumers. "The government has given relief to the people for 76 days, during which the price has not increased. The price has increased because the OMCs were taking a hit of almost Rs 1,000 crore a day. How long do you sustain that?" she said.

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City-wise rates after the latest revision

With global crude remaining above $100 per barrel and no clear resolution in sight in West Asia, further revisions cannot be ruled out if international prices hold at current levels.

Published on: May 25, 2026 7:04 AM IST