Petrol and diesel prices in India have been increased once again, with state-run oil marketing companies (OMCs) announcing fresh hikes on Saturday amid rising pressure from global crude oil markets. The latest revision marks the third fuel price increase this month, adding further burden on consumers.

Under the new rates, petrol prices have been raised by Rs 0.87 per litre, while diesel prices have gone up by Rs 0.91 per litre across the country. The increase follows a 90 paise per litre hike earlier this week and another Rs 3 per litre increase announced a few days before that.

With the latest revision, petrol in Delhi now costs Rs 99.51 per litre, while diesel is priced at Rs 92.49 per litre.

Latest Petrol Prices in Major Cities

Delhi: Rs 99.51 (+Rs 0.87)
Kolkata: Rs 110.64 (+Rs 0.94)
Mumbai: Rs 108.49 (+Rs 0.90)
Chennai: Rs 105.31 (+Rs 0.82)

Latest Diesel Prices in Major Cities

Delhi: Rs 92.49 (+Rs 0.91)
Kolkata: Rs 97.02 (+Rs 0.95)
Mumbai: Rs 95.02 (+Rs 0.94)
Chennai: Rs 96.98 (+Rs 0.87)

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The repeated hikes come after state-run OMCs indicated that they had been absorbing significant financial stress. According to information cited by the Centre, oil companies were reportedly bearing losses of nearly Rs 1,000 crore per month before the recent price revisions.

The key factor behind the surge in domestic fuel prices is the rise in international crude oil prices, driven by geopolitical tensions in the Middle East. India imports nearly 85% of its crude oil requirement, making domestic petrol and diesel prices vulnerable to movements in global energy markets.

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Global benchmark Brent crude futures climbed to USD 104.24 per barrel, gaining 1.6%, while US West Texas Intermediate (WTI) crude rose to USD 97.46 per barrel, up 1.2%. Oil prices have remained volatile amid shifting expectations around a potential Iran peace agreement and broader geopolitical developments.

Over the past two years, India relied heavily on discounted Russian crude supplies to manage import costs and shield consumers from sharp price swings. However, with crude prices moving above the USD 100 per barrel mark, OMCs have begun adjusting domestic retail fuel prices after maintaining relative stability for several months.

Published on: May 23, 2026 7:26 AM IST