Third fuel price hike in 2 weeks: Petrol price raised by 87 paise, diesel by 91 paise

State-run oil companies began raising prices on May 15 due to higher energy costs linked to the West Asia conflict. Since then, fuel prices have increased by nearly Rs 5 per litre. It was the first increase in fuel prices in over four years.

Following it, fuel prices were increased for the second time on May 19, 2026. On an average, in both the prices of petrol and diesel, an average increase of 90 paise per litre was made.

The prices have been partially raised to compensate for the pressure on state-run oil marketing companies in India, owing to the war in West Asia. The conflict in the region has resulted in the closure of the Strait of Hormuz, which carries nearly one-fifth of the world’s oil traffic. The closure impacted markets across the world and has resulted in an unprecedented global crisis.

Compressed Natural Gas (CNG) prices in Delhi-NCR were also hiked by Re 1 per kg on Saturday.

Last week, PM Narendra Modi had urged citizens to curb fuel use and increase the use of public transport. He also appealed to citizens to minimise the purchase of gold to protect India’s forex reserves.

ALSO READ | CNG prices hiked by Rs 1 per kg in Delhi, third hike in 9 days

Ministry of Petroleum says adequate petrol and diesel supplies

The surge in price comes as the companies grapple with severe financial strain due to the surge in international prices amid the West Asia crisis. 

The hike comes a day after the Ministry of Petroleum and Natural Gas had assured that despite rumors, India has adequate petrol and diesel supplies. 

On May 22, the ministry shared a post on X saying: India has adequate availability of petrol and diesel supplies across the country continue to remain stable.

India has adequate availability of petrol and diesel supplies across the country continue to remain stable.

Citizens are advised to avoid panic buying and purchase fuel only as per actual requirement. Temporary pressure at some retail outlets is being addressed through… pic.twitter.com/6WawJS51Cs

— Ministry of Petroleum and Natural Gas #MoPNG (@PetroleumMin) May 22, 2026

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Global crude oil and fuel prices have surged due to the West Asia war and the consequent closure of the Strait of Hormuz, but in a bid to insulate domestic consumers from high prices, the government and the OMCs had so far not hiked regular petrol and diesel prices. In fact, prices of the two automobile fuels had not been hiked for over four years — since April 2022. They were reduced once in the past four years — ahead of the Lok Sabha election in 2024.  Before the Iran and USA war, the price of crude oil was at 70 dollars per barrel. Now it is priced at more than 100 dollars per barrel.