Petrol, Diesel Prices Hiked Again: Fuel Rates Rise Up To Rs 0.90/Litre In Delhi, Mumbai, Kolkata And Chennai Amid Iran War; More Hikes Possible in Future

Fuel prices in India were increased for the second time within a week on Tuesday as the ongoing Iran conflict continued to disrupt global crude oil supplies and push international oil prices sharply higher. State-run oil marketing companies raised petrol and diesel prices by nearly Rs 0.90 per litre across major metro cities, adding further pressure on consumers and transport operators.

The latest hike comes just three days after fuel prices were increased by Rs 3 per litre on May 15. With Tuesday’s revision, petrol and diesel prices have now witnessed a steep rise within a span of one week.

In Delhi, petrol prices were raised by Rs 0.87 per litre to Rs 98.64 per litre from Rs 97.77 earlier. Diesel prices in the national capital increased by Rs 0.91 per litre to Rs 91.58 per litre.

Mumbai also recorded another sharp increase in fuel prices. Petrol rates rose by Rs 0.91 per litre to Rs 107.59 per litre, while diesel prices climbed by Rs 0.94 per litre to Rs 94.08 per litre.

Kolkata witnessed the highest rise in petrol prices among metro cities. Petrol prices surged by Rs 0.96 per litre to Rs 109.70 per litre, while diesel prices increased by Rs 0.94 per litre to Rs 96.07 per litre.

In Chennai, petrol became costlier by Rs 0.82 per litre and is now retailing at Rs 104.49 per litre. Diesel prices in the city increased by Rs 0.86 per litre to Rs 96.11 per litre.

Before the May 15 revision, petrol in Delhi was priced at Rs 94.77 per litre and diesel at Rs 87.67 per litre. After the Rs 3 hike announced last week, petrol prices had increased to Rs 97.77 per litre and diesel to Rs 90.67 per litre. Tuesday’s revision has pushed fuel rates even higher.

Oil marketing companies were reportedly selling petrol and diesel at older rates for nearly 10 weeks despite rising crude oil prices. However, the sustained surge in global crude rates due to geopolitical tensions made the losses unsustainable, forcing companies to revise retail fuel prices again.

The ongoing conflict in West Asia has significantly impacted global crude oil supply chains. India imports more than 85 per cent of its crude oil requirements and nearly 60 per cent of LPG demand from international markets. As a result, any rise in global crude prices directly affects domestic fuel prices.

According to data from the Petroleum Planning and Analysis Cell under the Petroleum Ministry, the average price of the Indian crude oil basket jumped from USD 69.01 per barrel in February 2026 to USD 110.73 per barrel as of May 15, 2026. This reflects an increase of USD 41.72 per barrel, translating into a sharp rise of 60.45 per cent.

The disruption of cargo movement through the Strait of Hormuz has further worsened the situation. Nearly 40 per cent of India’s crude oil imports and close to 90 per cent of LPG supplies traditionally pass through the crucial shipping route. However, tensions between the U.S. and Iran have severely impacted shipping activity in the region, increasing India’s import costs.

The weakening Indian rupee has also added pressure on fuel prices. The rupee reportedly slipped to 96 against the U.S. dollar, making crude oil imports more expensive and increasing the import bill for oil marketing companies.

Apart from petrol and diesel, CNG prices in Delhi-NCR were also revised upward recently. On May 17, CNG prices were increased by Rs 1 per kilogram after an earlier hike of Rs 2 per kilogram last week.

Following the latest revision, CNG in Delhi is retailing at Rs 80.09 per kg. Prices in Noida and Ghaziabad stand at Rs 88.70 per kg, while Gurugram recorded CNG prices of Rs 85.12 per kg. In Muzaffarnagar and Meerut, CNG prices have reached Rs 88.58 per kg.

The repeated rise in fuel prices is expected to increase transportation and household expenses across the country. Higher petrol and diesel rates raise operating costs for buses, Taxis, goods carriers, and public transport systems, which could eventually lead to higher prices of essential commodities and increased inflationary pressure.

Experts believe that if global crude oil prices continue to remain elevated due to geopolitical tensions in the Middle East, petrol and diesel prices in India may witness further hikes in the coming days.

Disclaimer: The article is for informational purposes only and not investment advice.