On May 2, 2026, petrol and diesel prices in India have remained stable despite significant volatility in global oil markets driven by the West Asia conflict. In New Delhi, petrol is priced at ₹94.72 per litre, while diesel costs ₹87.62 per litre. Prices are higher in other major cities, such as Mumbai, where petrol is ₹104.21 and diesel is ₹92.15. Government sources indicate that a price hike of ₹4–5 per litre for petrol and diesel may be forthcoming, alongside a potential increase of ₹40–50 for domestic LPG cylinders. This would represent the first increase in retail fuel prices in nearly four years, as prices have remained largely unchanged since 2022. The government is considering inflation concerns before making any final decisions on price adjustments. Key factors influencing fuel prices include crude oil prices, exchange rates, taxes, and market demand.