The rise follows a sharp surge in global crude oil prices triggered by the Iran conflict and disruptions in the Strait of Hormuz. | Photo Credit: ALLEN EGENUSE J

The PSU oil marketing companies (OMCs)on Tuesday raised the retail price of petrol and diesel by around 90 paise a litre, making it the second hike in less than a week.

The increase pushed up petrol prices in New Delhi to ₹98.64 per litre from ₹97.77, while diesel rose to ₹91.58 per litre from ₹90.67.

On May 15, the OMCs raised the retail prices of petrol and diesel by around ₹3 per litre and compressed natural gas (CNG) by ₹2 per kg.

The hike in retail prices of transport fuels reflects the losses being incurred by OMCs and comes within days of the conclusion of assembly elections in West Bengal, Tamil Nadu, Assam and Kerala.

The retail prices of petrol and diesel have been unchanged since March 2024. They were last reduced by ₹2 per litre ahead of the 2024 Lok Sabha elections. Effectively, the prices have been raised for the first time since April 2022.

According to a recent estimate by ratings agency ICRA, if crude prices remain in the range of $120-125 per barrel, marketing margins on the sale of petrol would move into negative territory, with losses of ₹14 per litre of petrol and ₹18 per litre of diesel.

Published on May 19, 2026