While several countries across the world witnessed sharp increases in petrol and diesel prices following the West Asia crisis and disruption around the Strait of Hormuz, India recorded one of the smallest increases in retail fuel prices, with cumulative hikes of around 5 per cent despite rising global crude oil prices. The recent phased revisions by oil marketing companies (OMCs) -- Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited -- raised petrol prices by about ₹4.74 per litre and diesel prices by about ₹4.82 per litre through revisions on May 15, 19 and 23.

The increase came after nearly 76 days during which domestic fuel prices were largely held steady despite volatility in international crude markets. Globally, however, fuel prices rose sharply during the same period. Myanmar recorded an increase of nearly 90 per cent in petrol prices and over 112 per cent in diesel prices. Malaysia saw petrol prices rise by more than 56 per cent and diesel by over 71 per cent, while Pakistan witnessed increases of nearly 55 per cent in petrol and 45 per cent in diesel prices.

Among developed economies, the United States recorded increases of around 44.5 per cent in petrol and 48.1 per cent in diesel prices. In the United Kingdom, petrol prices rose by over 19 per cent and diesel by more than 34 per cent. France saw petrol prices rise by about 21 per cent and diesel by 31 per cent. Neighbouring countries also experienced steeper hikes than India. Nepal recorded a rise of over 38 per cent in petrol prices and nearly 59 per cent in diesel prices, while Sri Lanka saw increases of more than 38 per cent and 41 per cent respectively.

In Asia, China reported petrol price increases of over 21 per cent and diesel increases of around 24 per cent, while South Korea witnessed hikes of 19 per cent in petrol and 26 per cent in diesel prices. By comparison, India's petrol prices rose by around 5 per cent and diesel prices by about 5.3 per cent during the period, making it one of the lowest increases among major fuel-importing economies.

India absorbed a significant portion of the increase in crude oil costs through excise duty cuts and by limiting pass-through to consumers. The Centre had earlier reduced excise duties on petrol and diesel multiple times since 2021, including a cut of ₹10 per litre on both petrol and diesel, in March 2026, ahead of the Hormuz disruption, which helped moderate the impact of rising crude prices on consumers.International crude oil prices had surged amid tensions in West Asia and concerns over supply disruptions through key global shipping routes, leading to higher fuel costs worldwide.

Published on May 23, 2026