Petrol, Diesel Price Hiked By Rs 3 Per Litre, Inflation Worries Grow

New Delhi, May 15 (KNN) Oil marketing companies on Friday hiked prices of petrol and diesel by up to Rs 3 per litre in response to surging global crude oil price, adding to inflation fears in the wake of ongoing West Asia conflict.

Following the price revision, petrol price in Delhi has gone up from Rs 94.77 to Rs 97.77 per litre, while diesel prices have increased from Rs 87.67 to Rs 90.67 per litre.

In Kolkata, the price of petrol has now reached Rs 108.74 a litre. In Mumbai, petrol is now selling at Rs 106.68 while in Chennai it is costing Rs 103.67 in Chennai a litre. Diesel prices have climbed to Rs 95.13 in Kolkata, while it has increased to Rs 93.14 and Rs 95.25 in Mumbai and Chennai respectively.

The price revision has come into effect from May 15, 2026.

The prices have been increased across metro cities and towns. Ever since the conflict began in West Asia, international crude oil prices have been surging and hovering above USD100 a barrel. This has pushed up fuel prices across the world.

With India importing nearly 88% of its oil needs through imports, higher global crude oil prices have been significantly raising its import bill. India’s daily crude oil need is about 55 lakh barrels. A virtual blockade of the Strait of Hormuz, a key sea route, has pushed crude oil prices to record high.

Both Prime Minister Narendra Modi and Petroleum Minister Hardeep Puri had earlier hinted that fuel prices would be raised to partly contain losses of oil companies on account of global crude price spiral. Days back, PM Modi appealed to the people for collective participation to help the country deal with global economic disruptions, supply chain challenges and rising prices caused by international conflicts.

The increase in key auto fuel prices is expected to trigger a rise in transportation cost which would push prices of essential items.

The hike in fuel prices have come close on the heels of increase in milk prices by Mother Dairy and Amul.

As about 90% of petrol and diesel sold by oil marketing companies are consumed by the general public, the latest hike is set to burn deep holes in the pockets of the common man. Moreover, the increase in fuel price would also stoke secondary inflation as goods manufacturers and service providers pass on the increased cost to consumers.

Public sector oil companies had been holding on to increase in fuel prices reportedly due to elections in four states and one Union Territory (UT). The oilcos had earlier raised prices of bulk diesel, jetfuel and commercial LPG.

The government has so far maintained that the country has sufficient stock of fuel to meet local demand. It recently said that the country has 60 days of crude oil, 60 days of natural gas and 45 days of LPG rolling stock.

The rising global crude oil and gas prices have also put pressure on the Indian rupee with the local currency dropping to record low of 95.86 against US dollar.

(KNN Bureau)