Newly increased fuel prices are displayed at a petrol pump in Malvan, India, May 15, 2026. | Photo Credit: FRANCIS MASCARENHAS
etrol, Diesel, CNG Price Hike Highlights: The oil marketing companies (OMCs) have hiked the prices of transport fuels citing significant losses from rising crude costs. Prices of petrol and diesel have been raised by around ₹3 per litre and compressed natural gas (CNG) by ₹2 per kg.
The PSU OMCs — Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) — have been losing around ₹20 per litre on the sale of petrol and around ₹100 per litre on diesel sales due to high oil prices and unchanged retail prices in India.
The retail prices of petrol and diesel had been unchanged since March 2024. They were last reduced by ₹2 per litre ahead of the Lok Sabha elections in 2024. Effectively, the prices have been raised for the first time after April 2022.
ALSO READ: Passing on full price shock would require a 200%–300% price hike in petrol-diesel, govt sources
Technically, fuel prices have been deregulated and oil marketing companies can revise prices daily on the basis of the fortnightly average of crude oil prices. Given the politically sensitive nature of the commodity, they remain largely unchanged.
Although OMCs are currently facing losses or under-recovery, they also profited when global crude prices were largely subdued in the past couple of years, and retail fuel prices remained largely stagnant.
The Congress on Friday slammed the Modi government over the petrol and diesel price hike, saying it is bound to lead to further inflation and growth estimates will be lowered considerably.
Retail prices of petrol, diesel in Metro cities (per litre)
Petrol
- Delhi: ₹97.77 (+₹3.00)
Kolkata: ₹108.74 (+₹3.29)
Mumbai: ₹106.68 (+₹3.14)
Chennai: ₹103.67 (+₹2.83)
Diesel
- Delhi: ₹90.67 (+₹3.00)
Kolkata: ₹95.13 (+₹3.11)
Mumbai: ₹93.14 (+₹3.11)
Chennai: ₹95.25 (+₹2.86)
- May 15, 2026 13:06
Here's why analysts expect more fuel price hikes ahead
Why ₹3 fuel price hike may be just the beginning
Fuel prices rise by ₹3 in India, prompting analysts to predict further hikes due to ongoing economic pressures and global crude costs.
- May 15, 2026 12:42
"Modi-nomics has failed": Karnataka ITBT minister Priyank Kharge on fuel price hike
Karnataka ITBT Minister Priyank Kharge on Friday launched a sharp attack on the Centre over the economy, and recent hikes in fuel prices, alleging that “Modi-nomics has failed.”
Criticising the Centre’s economic policies, Kharge told ANI, “The Modi-nomics has failed. The foreign policy of India has failed. Mr Modi has been globe-trotting without any consequence or benefit for the nation.”
He further alleged that fuel price hikes were deliberately withheld during the election period and announced immediately after the polls concluded. “As soon as the election was over, they were announced. We knew it, and we have been saying it from Day 1. Rahul Gandhi had even raised this issue in Parliament and asked for a discussion on the state of the economy, but Mr Modi kept saying everything is fine. Is this the “ache din” they have promised? And why is the government not telling people the actual problem? Why are they hiding things from us?” he said.
( ANI)
- May 15, 2026 12:41
"Is this Modi's government's 'achhe din'?": CPI(M)'s Hannan Mollah questions fuel price hike
CPI(M) leader Hannan Mollah on Friday criticised the Centre over the recent hike in petrol and diesel prices, questioning the government’s promise of “achhe din” as fuel prices were raised by Rs 3 per litre across the country.
Reacting to the revision, Mollah said the situation was not surprising and took a swipe at the ruling government.
“Nothing is surprising for anyone. People did not expect achhe din to arrive so soon. They thought the deadline would be 2047, but it has already come in 2026. Is this Modi Government’s achhe din?” he said.
( ANI)
- May 15, 2026 12:34
Fuel price hike: Kerala hotel body sets June 1 deadline for Centre to resolve LPG crisis
The Kerala Hotel and Restaurant Association (KHRA) has warned of strong protests, including a march to Parliament, if the Central government fails to resolve the LPG crisis by June 1.
The decision was taken at the State committee meeting of the association, which also resolved to approach the Union government once again with its demands. KHRA State president G. Jayapal and general secretary N. Abdul Razak alleged that the Centre was ignoring the severe crisis faced by hotels and restaurants.
- May 15, 2026 12:28
"Gulf war affecting supplies, prices rising worldwide": Bihar Deputy CM Vijay Kumar Chaudhary defends fuel price hike
Bihar Deputy Chief Minister Vijay Kumar Chaudhary on Friday defended the hike in fuel prices, citing raising petroleum prices and inflation across the globe.
Today, Centre hiked the prices of petrol and diesel by Rs 3 per litre as the Brent crude price hovers above USD 100 per barrel amid the West Asia crisis.
Speaking to ANI, Chaudhary claimed that the ongoing energy crisis will come back to “normal” once the West Asia conflict ends.
Bihar Deputy CM said, “Petroleum prices are rising worldwide, and inflation is everywhere. The Gulf War is affecting the supplies. This is a temporary situation. Once the Gulf War ends, things will come back to normal.”
Echoing a similar sentiment, Uttar Pradesh Assembly Speaker Satish Mahana said that the entire world is impacted due to the ongoing crisis. He lauded Prime Minister Narendra Modi’s economic policies and backed the appeal to save fuel.
“The entire world is impacted due to the ongoing crisis, and the fuel prices have already increased by double (in other countries). But our PM’s economic policies kept it in control. Now, the people are understanding this themselves. There is an urge to save fuel, use public transport, avoid unnecessary travel, and save foreign currency. Our country did not see any shortage of fuel till now, and I am confident that the country will rise once again under the leadership of our Prime Minister and become an inspiration,” Mahana said.
( ANI)
- May 15, 2026 12:14
Fuel price hike weighs on OMCs, paint stocks
Fuel price hike weighs on OMCs, paint stocks
Shares of oil marketing companies and paint manufacturers declined up to 3% in early trade on Friday after petrol and diesel prices were increased by Rs 3 per litre across the country.
- May 15, 2026 11:56
CPI (M) leaders staged a protest against the petrol and diesel price hike in Vijayawada on Friday
- May 15, 2026 11:54
Petrol, Diesel Hike: Bond market weakens as fuel price hike dampens investor sentiment
Government bonds fell in early trade on Friday, as a domestic fuel price hike rekindled inflation worries and U.S. Treasury yields at one-year highs dented the appeal of emerging-market debt, dampening demand ahead of fresh debt supply.
The yield on the benchmark 6.48% 2035 bond rose to 7.0591% by 11:30 a.m. IST, compared with 7.0203% on Thursday. Bond yields move inversely to prices.
Crude prices have gained about 50% since the war began. Benchmark Brent crude futures were last up 1.23% at $107.04 a barrel.
- May 15, 2026 11:52
"They kick you where it hurts": TMC's Derek O'Brien slams fuel price hike
Trinamool Congress (TMC) Rajya Sabha MP Derek O’Brien on Friday criticised the recent hike in petrol and diesel prices and questioned whether the newly formed BJP government in West Bengal would now reduce VAT on fuel.
In a post on X, the Trinamool Congress leader took a swipe at the Centre and the BJP government in the state over rising fuel prices.
“First they loot your vote, then they kick you where it hurts. Pathetically predictable. Diesel and petrol prices hiked,” O’Brien said.
He further questioned whether the West Bengal government would now lower VAT on fuel since, according to him, it was a “Delhi-controlled government” that would no longer face issues related to funds allegedly being blocked by the Centre.
“Will Bengal Govt reduce VAT on petrol & diesel now that there’s a Delhi-controlled government which doesn’t have to worry about funds being blocked by Centre?” he asked.
(ANI)
- May 15, 2026 11:52
Major reason for economic crisis in India is Modi govt's leadership crisis: Kharge after fuel hike
Congress president Mallikarjun Kharge on Friday slammed the Modi government over the fuel price hike, alleging an economic crisis in the country due to the government’s “leadership crisis, lack of vision and incompetence”.
In a post on X, he said, this crisis is a government-made crisis, the consequences of which the people of the country are bearing out of their own pockets on petrol, diesel, and LPG.
“The people of the country must understand that, along with the international fuel crisis, the major reason for the economic crisis in India at this time is the Modi government’s leadership crisis, lack of vision, and rampant incompetence,” he alleged.
Kharge said when diesel prices rise, inflation has a cascading effect across the country, adversely affecting everyone -- from industries to household budgets and farmers.
“When the West Asia war broke out, the country was told that ‘all is well’, and the Congress party’s questions were ignored. No concrete steps were taken. Instead, our sovereignty was mortgaged for American ‘permission’. - PTI
- May 15, 2026 11:41
Fuel price hike a cruel betrayal to people: Former Keralam CM Pinarayi Vijayan
Former Keralam Chief Minister and CPI(M) Polit Bureau member Pinarayi Vijayan on Friday strongly criticised the Centre’s decision to increase fuel prices, describing it as a “cruel betrayal of the people” at a time when citizens are already struggling with rising living costs and inflation.
Today, the Centre hiked the prices of petrol and diesel by Rs 3 per litre with Brent crude price hovering above USD 100 per barrel amid the West Asia crisis.
In a statement from Vijayan’s office, the senior CPI(M) leader said that the hike in petrol and diesel prices would place an additional burden on ordinary people who are facing severe financial pressure due to increasing prices of essential commodities and daily expenses.
He alleged that when international crude oil prices had declined, the Centre failed to pass on the benefit to the public. Instead, the government has now increased petrol and diesel prices by Rs 3 per litre each, citing losses faced by oil companies.
The CPI(M) leader also criticised the Centre’s handling of cooking gas pricing and supply, stating that shortages and repeated price hikes caused by “flawed policies” had already pushed people into hardship. Rather than offering relief, the government was imposing further financial strain on citizens, he said.
(ANI)
- May 15, 2026 11:27
Petrol, diesel price hike: OMCs, paint stocks slide
Shares of oil marketing companies and paint manufacturers declined up to 3 per cent in early trade on Friday after petrol and diesel prices were increased by Rs 3 per litre across the country.
The fuel price hike, the first in more than four years, amid mounting losses suffered by fuel retailers due to elevated global crude oil prices.
On the BSE, shares of Bharat Petroleum Corporation Ltd declined 2.71 per cent, Hindustan Petroleum Corporation Ltd dipped 2.39 per cent, Indian Oil Corporation fell 1.85 per cent.
The stock of paint manufacturers, which use crude-linked derivatives as key raw materials, also traded lower. Indigo Paints declined 1.36 per cent, Asian Paints slipped 0.42 per cent, and Berger Paints India fell 0.14 per cent.
Analysts said the modest increase in retail fuel prices failed to fully offset concerns around elevated crude costs and put pressure on market margins.
Brent crude, the global oil benchmark, rose 1.23 per cent to USD 107.02 per barrel.
(With inputs from PTI)
- May 15, 2026 11:00
"Very small rise in fuel price revision": IOCL Director says company working round the clock to ensure full capacity availability
Indian Oil Corporation Limited (IOCL) refineries are currently operating at more than 100 per cent capacity to ensure there is no shortage of fuel at retail outlets following a marginal rise in domestic petrol and diesel prices.
Speaking about the hike in fuel prices, Arvind Kumar, Director (Refineries), IOCL, told ANI that amid global pressures, “it is a very small rise.”
“It’s a very small rise, and you know a lot of pressure is there. But I can tell you that Indian Oils Group companies, 10 refineries are working round the clock and more than 100 % capacity so that there will be no crisis, no dry out at any of our retail outlets....let us come together to save fuel and in this emergency time and this critical time,” Kumar said.
(With inputs from ANI)
- May 15, 2026 10:57
Punjab: AAP, Cong, SAD slam Centre over fuel hike
AAP, Congress and SAD on Friday attacked the Centre over the petrol and diesel price hike, saying it will deliver a crippling blow to the common man and adversely impact farmers.
Punjab Finance Minister and senior AAP leader Harpal Singh Cheema said the move showed the ruling BJP’s “anti-farmer and anti-people face”.
“The central government increases petrol and diesel prices by Rs 3 per litre and then gives a marginal MSP increase of just Rs 72 per quintal on paddy. This is a direct assault on farmers’ incomes. By giving a token MSP hike and raising diesel prices the very next day, the BJP government has effectively robbed farmers of their rightful compensation,” he said in a post on X.
- May 15, 2026 10:53
India’s push for energy conservation is a refusal to be ‘extorted’ for Hormuz passage: govt sources
India’s domestic push for energy conservation is a refusal to be “extorted” and allow the Strait of Hormuz to be turned into a “private toll corridor” with demands up to $2 million per voyage being made, government sources have said.
“The PM’s request to reduce fuel use is an act of refusal to be extorted, proving that India does not negotiate from a position of fear,” a government source close to the development said.
Unofficial fees of up to $2 million are being demanded (purportedly by the Islamic Revolutionary Guard Corps of Iran) for safe transit of ships through the Strait of Hormuz but India would not pay this “unofficial toll”, the source added.
- May 15, 2026 10:51
ICRA on fuel price hike: Modest increase can provide only limited relief to oil marketing companies
“The modest hike in retail price of Rs. 3/liter for petrol and diesel provides limited relief to the oil marketing companies. ICRA estimates that at crude price of $105-110/barrel and considering past 10-year average crack spreads of auto fuels, oil marketing companies incur a loss of about Rs 500 crore daily on the sale of auto fuels and domestic LPG, even after factoring the fuel price hike. Accordingly the oil marketing companies would need to relook at the retail prices in case elevated crude oil prices persist.”
- Prashant Vasisht, Senior Vice President and Co-Group Head, Corporate Ratings, ICRA Ltd
- May 15, 2026 10:47
Passing on full price shock would require a 200%–300% price hike in petrol-diesel, govt sources
Explaining the price hike announced on Friday morning, the government asserted that while a full pass-through of the global oil shock would have required retail prices to skyrocket by 200-300 per cent, they are actively shielding the public from such extreme volatility.
According to government sources, the state-owned oil marketing companies (OMCs) limited the increase to just ₹3 per litre for petrol and diesel. On a base price of approximately ₹95, this represents a modest 3.5 per cent adjustment, a move the government insists is designed to absorb the brunt of international price surges and protect citizens from the true market impact.
- May 15, 2026 10:38
Fuel price hike: Transporters estimate a 3% increase in freight cost
Transport operators in West Bengal on Friday said the fuel price hike would increase the overall freight cost by around 3 per cent, and urged the government to ensure that traders do not increase product prices disproportionately.
Kolkata witnessed the steepest fuel price hike among the four metros, with petrol price rising by ₹3.29 to ₹108.74 per litre and diesel going up by ₹3.11 to ₹95.13 per litre.
- May 15, 2026 10:37
Sharp spike in fuel prices: Wholesale inflation jumps to 42-month high of 8.3% in April
With rise in fuel prices, wholesale inflation, based on Wholesale Price Index (WPI) surged to 42-month high of 8.3 per cent in April, government reported on Thursday. It was 3.88 per cent in March.
“Positive rate of inflation in April is primarily due to increase in prices of mineral oils, crude petroleum & natural gas, basic metals, other manufacturing and non-food articles etc,” a statement by Commerce and Industry Ministry said.
According to data, Wholesale price index (WPI)-based inflation in fuel and power jumped to 24.71 per cent in April, from 1.05 per cent in March. In crude petroleum, inflation was 88.06 per cent in April compared to 51.5 per cent in the previous month. The sharp rise in WPI inflation reflects the impact of the West Asia crisis and the effective blockade of the Strait of Hormuz through which the majority of the crude oil is imported to India.
- May 15, 2026 10:22
SP chief Akhilesh Yadav takes a swipe at Centre on rising cost of fuel and PM Modi's austerity call
Samajwadi Party president Akhilesh Yadav on Friday shared a political cartoon on social media, focusing on the rising cost of fuel amid Prime Minister Narendra Modi’s call for austerity.
The cartoon depicts Akhilesh Yadav, the leader of the Samajwadi Party, riding a bicycle, his party’s symbol. He is passing by a large billboard that conveys a message from the Prime Minister, “Spend less on petrol: PM.”
Sharing the image on X, Yadav captioned the post: “Aage badhna hai to cycle hi vikalp hai” (I’ve said it from the start: there is nothing better than the bicycle!)
- May 15, 2026 10:20
Loot votes, then kick where it hurts: TMC targets Centre over fuel price hike
Trinamool Congress leader Derek O’Brien on Friday criticised the BJP-led central government over the hike in petrol and diesel prices, alleging that first they “looted” people’s votes and “then they kick you where it hurts”.
In a post on X, the Rajya Sabha member also asked whether the BJP-led West Bengal government would now reduce Value Added Tax (VAT) on fuel since the party is also in power at the Centre and does not need not worry about funds being blocked.
Petrol and diesel prices were hiked by Rs 3 per litre each on Friday. This is the first rate increase in more than four years, amid mounting losses of fuel retailers due to surging global crude prices.
“First they loot your vote, then they kick you where it hurts. Pathetically predictable,” O’Brien said.
The fuel price hike comes 16 days after assembly elections concluded in Assam, Kerala, Tamil Nadu and West Bengal.
- May 15, 2026 10:15
Chennai: Petrol price at ₹103.67 per litre; diesel at ₹95.25 per litre
- May 15, 2026 10:14
Kolkata: Petrol price at ₹108.74 per litre; diesel at ₹95.13 per litre
- May 15, 2026 10:10
Crude oil futures gain as Trump says China wants to buy US oil
Crude oil futures traded higher on Friday morning after US President Donald Trump said China wants to buy crude oil from the US.
At 10.01 am on Friday, July Brent oil futures were at $107.04, up by 1.25 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $102.50, up by 1.31 per cent. May crude oil futures were trading at ₹9829 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹9724, up by 1.08 per cent, and June futures were trading at ₹9460 against the previous close of ₹9350, up by 1.18 per cent.
May natural gas futures were trading at ₹280.40 on MCX during the initial hour of trading on Friday against the previous close of ₹277.40, up by 1.08 per cent.
- May 15, 2026 10:09
Petrol crosses ₹107 mark, diesel above ₹93 in Jaipur after Centre hikes fuel prices by ₹3 per litre
Petrol crosses ₹107 mark, diesel above ₹93 in Jaipur after Centre hikes fuel prices by ₹3 per litre
Petrol in Jaipur exceeds ₹107 and diesel surpasses ₹93 after a ₹3 per litre price increase by the Centre.
- May 15, 2026 10:07
Delhi: Petrol price at ₹97.77 per litre; diesel at ₹90.67 per litre
- May 15, 2026 10:00
PM Modi has failed in international relationships: DK Shivakumar slams Centre over fuel price hike
Karnataka Deputy Chief Minister DK Shivakumar on Friday slammed the Centre over the hike in petrol and diesel prices, alleging that Prime Minister Narendra Modi had failed in managing international relations amid the ongoing West Asia crisis.
Reacting to the Centre’s decision to increase fuel prices by Rs 3 per litre, Shivakumar said the common people could not be expected to reduce essential consumption and accused the government of failing to effectively handle the situation arising from global conflicts.
“Mr. Modi has failed in the international relationship. He could not manage well, he could not help, that is why like Covid, what he said, ring the bell, lift the lamp, lift the lamp and all he’s just giving. It is not possible. How to consume oil in my house? How can I stop it? How can I stop vehicle?” Shivakumar told reporters.
(With inputs from ANI)
- May 15, 2026 09:56
Will lead to further inflation, growth estimates will be lowered considerably: Cong on fuel hike
The Congress on Friday attacked the Modi government over the petrol and diesel price hike, saying it is bound to lead to further inflation and growth estimates will be lowered considerably.
In a post on X, Congress general secretary Jairam Ramesh said that with international oil prices soft or declining for years, the Indian National Congress had been urging that those benefits should be passed on to Indian consumers and that domestic prices of gas, petrol, and diesel should be reduced.
That, however, did not happen and consumers were “fleeced”, he said.
“Now that international oil prices are climbing up because of the war in West Asia unleashed by the PM’s good friends -- the US and Israel -- and assembly elections are over, the Modi Government has increased petrol and diesel prices after having hiked commercial LPG prices earlier.
“This is bound to lead to further inflation that is now projected to be close to 6% for this financial year. Growth estimates will be lowered considerably,” Ramesh said.
- May 15, 2026 09:51
Indian markets open flat-to-lower amid fuel price hike and mixed global cues
Indian equity markets opened in the red on Friday as a nationwide hike in fuel prices and firming global crude oil rates weighed on investor sentiment, even as global markets remained focused on the ongoing summit between the U.S. and China.
The BSE SENSEX fell 64.22 points or 0.09 per cent to 75,334.50 in early trade, while the NSE NIFTY 50 remained nearly flat with a negative bias, shedding 1.55 points to stand at 23,688.05.
- May 15, 2026 09:48
Govt raises petrol, diesel prices by ₹3 per litre; CNG price rises by ₹2 per kg
Petrol, diesel prices by ₹3 per litre; CNG price rises ₹2 per kg
Petrol and diesel prices rise by ₹3 per litre in Delhi, reflecting increased global energy costs.
Published on May 15, 2026
