Petrol and diesel prices across India’s major cities have witnessed a sharp rise over the past two weeks, pushing petrol rates above ₹100 per litre in Delhi and beyond ₹110 in Mumbai.
The latest fuel price revision on May 29 kept rates unchanged for the day, but the cumulative impact of four consecutive hikes has significantly increased transportation and household fuel expenses. According to reports, oil marketing companies (OMCs) may continue gradual price hikes in the coming weeks as they attempt to recover mounting losses caused by elevated global crude oil prices.
As of May 29, petrol in Delhi was retailing at ₹102.12 per litre, while diesel stood at ₹95.20. In Mumbai, petrol prices climbed to ₹111.18 per litre and diesel to ₹97.83.
Other metro cities also witnessed steep fuel costs. Petrol prices reached ₹115.69 in Hyderabad, ₹113.51 in Kolkata, ₹110.89 in Bengaluru, and ₹107.85 in Chennai.
Overall, petrol prices have increased by ₹2.61 per litre in recent revisions, while diesel prices have risen by ₹2.71 per litre.
The rise in domestic fuel prices comes amid a sharp jump in global crude oil prices, which have surged more than 50% since geopolitical tensions in West Asia escalated earlier this year.
Crude oil prices crossed $100 per barrel after disruptions in the Strait of Hormuz raised concerns over global oil supply. Despite the surge, retail fuel prices in India remained frozen for nearly 75 days as oil companies absorbed losses to shield consumers from sudden inflationary pressure.
According to government officials, oil companies were reportedly losing around ₹750 crore per day during the freeze period.
Sources suggest that further increases in petrol and diesel prices have not been ruled out, although any hikes are likely to remain gradual to minimise inflationary impact.
Oil companies are reportedly trying to balance recovery of accumulated losses with the need to protect consumer demand and avoid a sharp spike in inflation. CNG prices have also moved higher recently, adding to concerns around rising transportation costs.
The recent fuel price surge highlights the growing impact of global crude oil volatility on India’s energy market. With petrol prices already crossing major psychological levels in several cities, consumers and businesses may continue to feel pressure if international oil prices remain elevated in the coming weeks.
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Published on: May 29, 2026, 5:51 PM IST
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