Indian state-owned fuel retailers have increased petrol and diesel prices for the third time this month, according to dealers on Saturday. This adjustment is part of efforts to recover losses attributed to rising global crude oil prices amid the ongoing conflict in Iran.
In New Delhi, the price of petrol will rise by 0.87 rupees, bringing it to 99.51 rupees per litre. Diesel prices will see an increase of 0.91 rupees, reaching 92.49 rupees per litre. This surge follows India’s status as the world’s third-largest importer and consumer of oil, making it one of the last major economies to adjust retail fuel prices after the U.S.-Israeli conflict with Iran led to a global price rise.
Over the course of these three price hikes, the cost of fuel has escalated by approximately 5 rupees. The price rise on May 15 marked the first increase in four years for India. The companies are implementing these price adjustments incrementally, reminiscent of their approach in April 2022 when they raised prices post-elections in significant states, including Uttar Pradesh.
Opposition parties allege that Prime Minister Narendra Modi’s government postponed these price increases to influence recent state elections. Nonetheless, sources within the refiners have indicated that further price hikes are necessary to make up for ongoing losses. Bharat Petroleum Corporation Limited (BPCL) continues to experience a revenue loss of 25 to 30 rupees per litre for diesel and 10 to 14 rupees for petrol, as stated by the company’s chairman earlier this week.
The Indian oil ministry has indicated that there are currently no plans to offer financial support to refiners. BPCL, Indian Oil Corporation, and Hindustan Petroleum collectively manage over 90% of India’s network of 103,000 fuel stations and usually align their pricing strategies.
Published on May 23, 2026
