India's Fuel Price Hike Remains Minimal Amid Global Oil Surge
Fuel price rise: India records lowest petrol, diesel hike among major economies amid global oil surge
Moneycontrol
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India has recorded one of the smallest increases in petrol and diesel prices among major economies, with a rise of about 5% since February 2026, despite significant global crude oil price hikes due to the ongoing Iran war. As of May 23, petrol in Delhi costs ₹99.51 per litre, while diesel is priced at ₹92.49 per litre.
- 01India's petrol and diesel price increases are significantly lower than those in countries like Myanmar (+89.7% for petrol), Malaysia (+56.3%), and the United States (+44.5%).
- 02The latest price revision in India occurred on May 23, with petrol increasing by 87 paise and diesel by 91 paise.
- 03The Ministry of Petroleum and Natural Gas assured stable fuel supplies and advised against panic buying.
- 04CNG prices in Delhi also saw an increase, rising from ₹80.09 to ₹81.09 per kilogram on May 23.
- 05India imports approximately 85% of its crude oil, making domestic prices sensitive to global market fluctuations.
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Despite a significant surge in global crude oil prices, India has managed to keep its petrol and diesel price hikes among the lowest globally. From February 23 to May 23, 2026, while many countries saw fuel price increases exceeding 80%, India's adjustments were limited to about 5%. On May 23, petrol prices in Delhi rose to ₹99.51 per litre, with diesel reaching ₹92.49 per litre following three upward revisions within ten days. The Ministry of Petroleum and Natural Gas confirmed that fuel supplies remain stable, urging citizens to avoid panic buying during this high-demand period. Notably, CNG prices in Delhi also increased to ₹81.09 per kilogram. The ongoing geopolitical tensions, particularly the Iran war and disruptions in the Strait of Hormuz, have contributed to rising global oil prices, with Brent crude futures reaching $104.24 per barrel. India's relatively modest price adjustments reflect its unique position among major economies, particularly as it imports about 85% of its crude oil needs.
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The modest rise in fuel prices may help keep transport costs stable, but ongoing increases could affect household budgets and overall economic conditions.
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