Petrol, diesel prices hiked by up to ₹3/litre across India from Friday, May 15, 2026; first major hike in over four years Petrol prices hiked to Rs 97.77 from Rs 94.77 in the national capital, while diesel is now priced at Rs 90.67 per litre. Other major metros saw even higher increases as local taxes kicked in; petrol in Mumbai touched Rs 106.68 and Kolkata’s rates crossed Rs 108.74. The sudden spike follows a long period of price stability, with state-owned oil marketing companies (OMCs) taking huge losses to protect consumers from volatile global markets.
The price revision is largely due to the rising crisis in the Middle East and supply disruptions through the Strait of Hormuz, which has kept Brent crude prices hovering above the $100 per barrel mark. The ₹3 hike was a big amount for household budgets but it only partially offset the “under-recoveries” faced by the OMCs, who were reportedly losing almost ₹1,000 crore a day, industry experts said. Besides auto fuels, the price of CNG has also been hiked by ₹2 per kg in several cities. Economists have warned this could have a ripple effect on inflation, with higher logistics and freight costs usually filtering through to higher prices of essential goods and food items in the coming weeks.