Fuel prices across India held largely steady on May 24 with minor fluctuations, after petrol and diesel rates were hiked for a second time earlier this week. This is due to global crude markets remaining volatile due to the ongoing conflict in West Asia and the disruption of traffic at the Strait of Hormuz. 

Oil companies revised retail rates upward on Saturday for the third time this month, with petrol in New Delhi climbing by 87 paise to ₹99.51 per litre and diesel rising by 91 paise to ₹92.49.

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Prices remain higher in Mumbai, where petrol is selling at ₹108.45 per litre and diesel at about ₹97.02 per litre. Petrol prices in Hyderabad have now neared the ₹113 per litre mark. Diesel has crossed the ₹100 per litre-mark in Hyderabad.

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Fuel prices in key cities (May 24)

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What drives petrol and diesel prices in India?

Fuel prices at the pump are shaped by a combination of global, economic, and domestic factors. At the heart of it is the international price of crude oil, the base raw material for both petrol and diesel, which has the single biggest bearing on what consumers ultimately pay.

The rupee-dollar exchange rate is another key variable, given that India relies heavily on imported crude. When the rupee weakens against the dollar, the cost of procuring crude rises, which can feed directly into higher retail fuel prices.

Why do prices differ across different cities?

On top of that, taxes levied by both the central and state governments make up a substantial portion of the final price, which is why petrol and diesel rates differ across states. Transportation costs and prevailing demand-supply conditions also factor into the retail price consumers see at the pump

Published on: May 24, 2026 7:30 AM IST